XJO 0.32% 7,988.1 s&p/asx 200

XJO Weekly Charting - 4th May 2018, page-4

  1. 19,112 Posts.
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    Unsurprisingly the XJO came back a little on Friday.
    Price traded within the range of the previous bar on much reduced volume, in a fairly non threatening manner.
    So at this point it suggests selling pressure remains low.
    I feel some further testing and consolidation around that line @ ~6052 is more likely than a continuing push higher in the near term.  Overall though, if no overwhelming fresh new supply is drawn out to force a breakdown, there does not appear to be much expected resistance above that line @~6052
    060518 XJO.png X.png
 
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