Thursday Evening Liqueurs. 25 August. 2016.
XJO down today -0.36%. That's a result that's neither here nor there. We've had lots of narrow range days lately, today was another one. The chart is still basically oscillating around a major horizontal S/R level.
The relationship between the short term Stochastic and the long term Stochastic is a key to understanding how the market is travelling. Currently the short term Stochastic hasn't been able to rise above the long term stochastic (which is squeezing tightly together). Together those two factors suggest that the next move will be lower.
The only sector up today was Consumer Staples (XSJ). Woolworths is a key component of that sector and it had a big move up today +3.92%. It was a lot higher on opening but profit taking took the shine off the opening price. If you want to get on, you should be able to pick this up at a lower price than today's closing price.
Wesfarmers also contributed to today's good rise in the XSJ: up 2.42%.
Wesfarmers recovered all its losses of the previous session after its Report was poorly received. It still looks to me to be in a trading range. We should be able to pick up WES at a much lower price.
RB
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Thursday Evening Liqueurs. 25 August. 2016. XJO down today...
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