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Good Morning and Welcome to the XJO Friday Thread
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News for Today (AEST
The XJO closed sharply higher on Thursday, where spread increased, as did volume (but remained below average), and the close was high.
The Index accelerated higher, pushing up through both levels of overhead resistance, and eventually closing above the line where price broke down on the 31st August.
The below average volume suggests selling pressure was relatively low, which helps to confirm that the price action of the past few days was absorption (of supply), where the sellers failed to take control when it was offered.
It should be noted that price failures often happen at these breakdown lines, or when price challenges the potential resistance they contain, so watch for any serious signs of weakness at this level as price attempts to consolidate the gains.
Good Trading and Investing
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