XJO 0.74% 6,710.8 s&p/asx 200

Raspberry Cake - Tuesday

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    Good Morning and Welcome to the XJO Tuesday Thread

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    News for Today (AEST)
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    The XJO closed higher (again) on Monday, which is the eighth consecutive higher close.
    Spread narrowed, which was not surprising considering how low the volume was (very low),
    but the close was high on the bar.
    The Index continues to float higher on a lack of selling pressure, rather than strong demand, and while this is OK for a relatively short period of time, if this goes on for an extended period,
    it may call into question the quality of the rally.
    Anyway........price has now reached the underside of what I expect to be a decent zone of potential resistance, which might cause some difficulties for price to pass through, especially if these low volumes remain.  
    FWIW, the individual levels are 5457.3, 5470.0, 5483.3 & 5499.0
    Overall, until some reasonable supply starts to come in, price is unlikely to show much weakness, and any pull backs will probably be quite shallow.
    However, should some decent supply come in, and price breaks below Friday's low (@5411.6), expect some minor support @ 5391.9, then a bit more @5357.


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    Good Trading and Investing

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    Last edited by Jako8557: 18/07/16
 
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