XAO - Still Running High
As discussed in last week’s post, the XAO had a bounce off of support and the Moving Averages. Where is this week most likely to take us?
After last week’s bounce a valid up trend channel can now be seen. There is a small amount of resistance at 4100 which is the last higher trough. Should this be enough to hold down the XAO there would likely be a retracement to the bottom of the channel. If XAO has enough power to continue straight through the 4100 level, it is likely the top of the channel will be reached.
With Higher Peaks and troughs now in play and a defined up trend channel, the XAO is bullish until the charts state other wise.
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Tags: all ordinarys, channels, Stock Market Guide, tecnical analysis
July 22nd, 2009 at 6:20 am
you are the greatest, how do you do it!
July 22nd, 2009 at 6:21 am
You are the greatest, how do you do it and still look so good