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XJO 6,339.2

Financial Tidalwave - Thursday

  1. Jako8557

    15,692 Posts.
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    Good Morning and Welcome to the XJO Thursday Thread

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    News for Today (AEDST)

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    The XJO closed lower on Wednesday, however to my eye it was not a particularly convincing downbar.
    So I guess we now wait and see if there is any downside follow through, and if so, how much.

    Anyway, volume (value traded) was increased but still below average, spread was about average, and the close was low. Basically just an average bar......maybe a 'nothing' bar......we'll see.....

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    XJO ~10min/6.25PoS, 3 point chart

    Yesterday I mentioned some potential accumulation on the intraday chart.
    And generally when this is seen and the trading range then fails, a wide spread downbar is the result, as the accumulated positions are quickly dumped. But this didn't happen here on Wednesday, the Index just broke through the intraday support at 5780 and appeared to find it difficult to continue lower.

    Could be the first half of a two bar shakeout.... maybe......
    and if not and it continues lower, a widespread downbar would represent the dumping of previously accumulated stock.

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    Good Trading and Investing


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