Good Morning and Welcome to the XJO Thursday Thread
News for Today (AEST)
The XJO closed a little higher on Wednesday, and importantly, slightly above the line across the 31st July high @5644
Supply and Demand still remains finely balanced.
While some of the recent price action has left some questionable looking individual bars,
There has been no follow through to the downside so far,
and with the four previous closes being tightly clustered together, within an eleven point range,
suggests that absorption of supply is taking place.
Wednesdays spread was quite narrow, and the volume (value traded) was higher than average, and an increase over the last three bars.
Which infers supply was still present,
however the high close, above the late July high,
gives the impression that it is buying the supply present, as opposed to selling into demand.
The bulls are looking for an acceleration away from the current danger zone, with a widespread upbar, closing high,
whereas the bears really need to see a widespread downbar, closing low.
On a scale of 1 - 10, with 10 being the gross 'Keith' cartoon (haha)....Today's Special is probably about 4.5
Spoiler: ***Paddo's Special***
Good trading and Investing
cheers
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