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xjo breaks important 3000 level.

  1. rembrandt

    5,816 Posts.

    Hmmm... XJO has broken the important psychological level of 3000.

    This signals consolidation ahead of the breakout of the long term negative trendline.

    As chart shows also the long established support level at 2955 has been tested twice recently and so far held.

    The 2955 is important as the base support level broken with the downturn due to Iraq war issues and traders are keen to see a return to more stable market conditions ... although US economic situation still looming large as a negative.

    Noteworthy also is as the today snapshot also shows the Fib(38.2%) has also been hit at 3005 and accordingly will be tested in the time ahead.

    Chart looks like this ...

    Cheers ... tight stops.

    This is only my view ... read the red stuff.

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