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XJO 6,339.2

Tax Deduction - Wednesday

  1. Jako8557

    15,689 Posts.
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    Good Morning and Welcome to the XJO Wednesday Thread

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    News for Today (AEDST)

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    The XJO closed marginally lower on Tuesday

    The Index appears to be consolidating at the current levels, absorbing any supply as it comes in.
    And once again volume (value traded) was below average, suggesting that selling pressure is not particularly high.

    It is also worth noting that there has been little or no follow through to the downside since last Fridays potentially weak bar.

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    Intraday ~10min/6.25PoS, 3 point wave or reversal (using true range points of spread as a proxy for volume)

    It was all sideways action on Tuesday, beginning with a lack of demand for the upside as it came down towards the 5780 potential support,
    then 42 points of spread came in to the downside and it could not make a lower low (than Mondays price action),
    and that was followed by a relatively high 77 points to the upside (which at the time could have been either selling pressure or buying/absorption),
    however, then the next wave of 38 points did not make a lower low, then only 9 points of follow through suggested it was absorption of supply.
    And the last three waves for the day inferred a temporary supply vacuum.
    This price action suggests that supply is being absorbed on the downwaves, and bought on the upwaves,
    or in other words a potential consolidation just off the highs.
    And when it is ready a strong and decisive break above 5805 will confirm the above price scenario.
    (and a clean daily break through 5780 would make it rubbish......haha)

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    Good trading and Investing


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