XJO up today +0.49%.
XJO has now been up five days in a row. That's getting a little long in the tooth for a short-term rally.
The index is now approaching the resistance of the recent consolidation zone and the Ichimoku Cloud.
It is also hard up against the Supertrend (7,1.5). XJO tried today to rise above that level but failed.
With all that resistance overhead, the probabilities lie to the downside.
The ASX remains unbalanced. Today, four sectors out of eleven were up. The biggest movers were again Energy +2.6% and Materials +2.6%. Such unbalanced markets can easily be tipped into negative territory.
No comments:
Post a Comment