Finspiration Australia. Chart Analysis for Australian and International Stock Markets.

 7/12/22.  Finspiration Wednesday Evening Report.

ASX follows overnight markets today.

XJO down -0.85%.

This is a Renko chart of the XJO.  Renko chart have the advantage of eliminating "noise" in charts.

This chart shows its first weakness since mid-October.  That's not enough for a "sell" signal.

But - the chart was overbought on the RSI (above 70) and in the "stress" zone on the Stochastic RSI.

Expect further downward movement.  Plenty of support exists nearby, so any pull-back is likely to be bought.