XJO up today +0.19%.
XJO saw a lot of intra-day selling in the afternoon. That continues a series of doji candle sticks which suggest this is a topping pattern.
The XJO starting falling around 2.30 p.m. announcement by the RBA of its interest rate announcement. The RBA kept interest rates at their current historical lows but indicated they could raise rates in coming months.
Given the current elevated nature of the XJO rally, that was sufficient to produce a sell-off in the XJO.
Below is a daily chart of the XJO:
XJO starte is descent before mid-day - it probably sensed a negative tone to the RBA announcement. When the announcement came out - the XJO tanked.
We've had a series of lack-lustre candles in recent days. A down day would put out market into a serious decline.
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