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XJO 6,299.6

Weekend Charting and Chat - 13 February 2015

  1. Jako8557

    15,674 Posts.
    453
    Rehabs for Quitters.png


    The XJO accelerated strongly, to close sharply higher on Friday.

    Spread (or range) was very wide, easily the widest for the year so far,
    and volume (value traded) although a little less than Thursday, was again above average.


    So just to recap the weeks price action, we saw repeated downbars from Monday to Thursday. Where it appeared that (long) positions were being taken, but no immediate response to the upside was forthcoming. However to counter that, no widespread bar to the downside showed up either (which would have suggested that any long positions accumulated, had been dumped). And this culminated with Thursdays downbar being fairly narrow (and in particular, narrower than Wednesdays downbar), but importantly with sharply increased, above average volume. Which inferred that hidden buying had (again) taken place. Friday's price action was most likely a response to that (a potential temporary supply vacuum), at least initially, with possibly a scramble to cover short positions then taking over and adding substantially to the wide spread of Friday's upbar.

    The next higher horizontal potential resistance line appears to come through @ 5903.2

    150215 xjo.png

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    W1.png

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