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Good Morning and Welcome to the XJO Tuesday Thread
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News for Today (AEST)
The XJO closed higher on Monday.
Volume (value traded) remained quite low, however this is not particularly uncommon for a Monday.
Spread (or range) increased considerably, and the close was relatively high,
which discounts any lack of demand, and in turn suggests that selling pressure must have been low.
The old demand lines (lower) from the previous trading range are just above now,
and the expected resistance there may prove to be a tough nut to crack in the short term.
And of course, this would also be an obvious place for a failure.........
Just how price negotiates with the potential resistance zone (5739.8 - 5748.7) above, may offer an insight as to the near term direction of the Index.
The positions of the 100 period and 200 period moving averages are quite interesting right now.
Good Trading and Investing
.
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