26/9/22. XJO falls heavily again today.
XJO fell today -1.6%.
The Index is very oversold with an RSI at 30.94 and Stochastic deep into its oversold zone (below 20).
The chart has reached the lower edge of its bullish descending expanding wedge, so there is a good chance that a counter-trend rally is likely.
Breadth was poor today, Advances 268, Declines 1217 for a net figure A-D of -949. That's the worst result since 9 May this year.
New Highs today 7, New Lows 204. That's the worst result since 10 May this year.
XJO began a relief rally on 13 May. So we are probably close to the end of this pull-back.
Defensive stocks came to the fore today, e.g., CSL +2.4%, COH 2.9%, WOW +2.4%, COL +1.96%. But the market was smashed by big falls in resource stocks, BHP -5.2%, RIO -5.6%, Woodside -5%, Santos -7.28%. Coal miners have been the best performers in recent times, but they also came under attack today, e.g., WHC -14.2%.
Five out of eleven sectors were up today, but the Materials were down -5.3% and Energy -6.3%. Those two sectors were responsible for most of the damage today.
I'm expecting our market to be up tomorrow.
No comments:
Post a Comment