XAO - Due To Pull Back
The XAO end the week on a high. But can the run that started in mid July keep going?
On the daily chart, the XAO has clearly broken out of the channel. But with lower volume on this Buliish Up Day, it may be short lived. Especially as only 50 points away is a strong intersection of resistance. The down trend line started from the highest peak in November ( this is the overall down trend), and has now crossed with a weekly resistance line. The higher probability move from here would be up to the 4300 resistance and then a pull back for a rest after a long run up.
The pull back could even be as far back as the 4000 mark which would be at a Fibonacci retracement. Over all, the chart still indicates over all bullish
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Tags: Bullish Up Day, channel, Stock Market Guide, Technical Analysis
