Finspiration Australia. Chart Analysis for Australian and International Markets.

 XJO down today -1.27%.

The above chart is a weekly chart for XJO.  It is clearly bearish and broke below a major support level today.

Here's the daily chart for the XJO.

Yesterday, XJO completed a bearish Head/n/Shoulders formation and continued lower today.

Here's the projection for the current Head/n/Shouders top:

I'm not particularly confident in H/n/S Top projections.  But it is what it is.  The projection suggests a bottom for this pull-back of 6248.  XJO finished today at 6601.  That suggests another -5.3% to the downside.

Today started with a downside move, then a rebound.  The Fair Work Commission then announced a wage rise of 5.2% for minimum wage earners.  No one can begrudged them that, but the XJO saw lower profits, so it fell.  After stabilising, the market went into reverse gears at 1.25 p.m.  Why?  No idea.  But here's the intra-day chart:

The XJO remains bearish - don't buck the trend.