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XJO 6,301.8

Weekend Charting & Chat - 30th Jan 2015

  1. Jako8557

    15,676 Posts.
    455
    Rehabs for Quitters.png


    The XJO closed higher on Friday, although it halved the gains it had late in the day.

    On raw figures the volume (value traded) was very high on Friday,
    and with the individual daily bar closing low (after being much higher) most would expect an reversal of some sort,
    and they might be right......

    However there was some Equity Options Expiry spillover, which may muddy the waters somewhat, for volume analysis.
    Although looking across it is the second highest volume, and the highest was a combined expiry day, so it was quite high.

    Today I also put in the possible channel mentioned yesterday,
    and price did indeed move up and briefly test the line @ 5614.3 and also the supply line of the channel, before retreating.

    As is always the case when a potentially weak bar arrives, the watch begins for any follow through to the downside.
    I won't be surprised to see the Index pull back a little on Monday and retest that little congestion zone to the left again,
    but it doesn't have to....we'll see.........
    010215 xjo.png

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