XAO Technical Analysis

[Uncle Festivus]

Re: XAO Analysis

A bit of conjecture about whether or not we are at EW point 'B', what do you think? It's back below my 61.8% fib level now.

 

[Sean K]

Re: XAO Analysis

Smells like a bull trap to me. Is this the plateau day before the bystanders decide to pull the pin. The major banks are leading the way down, most in the red after the spurt this morning. The tape suggesting buy orders are being met with the sellers today, at least for the banks.

Maybe. That gravestone doji yesterday maybe confirming sentiment change, sellers comming in. If it breaks 5650 on the down side then we still could find 5450 ish. Will be back closer to 200d ma then, which has been good support for the past 3 years. I did read a number of bullish reports this am suggesting confidence still out there on more gains this year. Not sure if we're done with this correction yet though. Another good opportunity and we may have a bit more weakness.

 

[Kauri]

Re: XAO Analysis

Maybe. That gravestone doji yesterday maybe confirming sentiment change, sellers comming in. If it breaks 5650 on the down side then we still could find 5450 ish. Will be back closer to 200d ma then, which has been good support for the past 3 years. I did read a number of bullish reports this am suggesting confidence still out there on more gains this year. Not sure if we're done with this correction yet though. Another good opportunity and we may have a bit more weakness.

kennas,
My charts aren't showing a gravestone doji... didn't the XAO close on its highs??

 

[theasxgorilla]

Re: XAO Analysis

A bit of conjecture about whether or not we are at EW point 'B', what do you think? It's back below my 61.8% fib level now.

The move up breaks down into 3 waves, so yes, I'd suggest that B (or 2) has concluded.

 

[Sean K]

Re: XAO Analysis

kennas,
My charts aren't showing a gravestone doji... didn't the XAO close on its highs??

Hmmm, must be a problem with Big Charts.

 

[Kauri]

Re: XAO Analysis

Hmmm, must be a problem with Big Charts.

Not sure, but the doji seems to be todays action so far???.. if so yesterdays bar might be missing??

 

[GreatPig]

Re: XAO Analysis

Here's my current EOD chart.

GP

 

[CanOz]

Re: XAO Analysis

Not sure, but the doji seems to be todays action so far???.. if so yesterdays bar might be missing??

LOL! I thought i had too many beers last nite, could have sworn i saw a big white candle!

Cheers,

 

[Kauri]

Re: XAO Analysis

Resistance becomes support... temporarily???

 

[dodgers]

Re: XAO Analysis

Here's todays t/a view from macquarie..

The market was unable to hold the break of Fibonacci resistance at 5884, finding rejection today. I see the retreat as the start of next major downwave of a sequence that began at the 6050 February high. This process should take the index to a break of the recent 5614 low, with downside risk to the 5486 January low. A break of support at 5833 would provide
a degree of bearish confirmation. Alternatively, renewed gains to a break of the 5922 resistance would suggest that something altogether far more positive is unfolding, necessitating a re-think.

 

[Porper]

Re: XAO Analysis

Here's todays t/a view from macquarie..

The market was unable to hold the break of Fibonacci resistance at 5884, finding rejection today. I see the retreat as the start of next major downwave of a sequence that began at the 6050 February high. This process should take the index to a break of the recent 5614 low, with downside risk to the 5486 January low. A break of support at 5833 would provide
a degree of bearish confirmation. Alternatively, renewed gains to a break of the 5922 resistance would suggest that something altogether far more positive is unfolding, necessitating a re-think.

I think they are correct.

Wave B is probably complete now.A rejection of higher prices today, and that after wall street doing well overnight.Wave C is going to be long.

Who dare go short ?????????

 

[Kauri]

Re: XAO Analysis

Well you don't see 23.6% Fib mentioned often but it has come to the rescue today...

 

[lamborghini]

Re: XAO Analysis

This weeks dip finally came! Glad I put money where my mouth was last week and Short sold BHP & NAB.

Although there may be inflows from Ausie Super until June I don't see the reason people will buy on mass with these inflated prices and PE ratios.

Of course, each stock needs to be considered on its own.

This is still only a corrective stage still, but FEELING more like 1987 every day!

Looking at the market facts:
It's taking much more "good news" to hold/drive up shares. While a hint of bad news is creating record sell-offs.

Just normal market factors will drive this baby down let alone a war or terror attack. Too much bad news possible and too many traders around that have only seen upwards movement and think it will always be so!

I'm not into dooms day or anything just a realist! Hard to maintain clarity sometimes when your making good money!

Now that I've learned to make a bit of money up or down I'm just not biased which way the market goes!

 

[theasxgorilla]

Re: XAO Analysis

Volatility anybody?

 

[Atomic5]

Re: XAO Analysis

Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.

 

[Porper]

Re: XAO Analysis

Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.

I am amazed by the extent of the rally today.Don't really know what to make of it.Finished on it's highs on very large volume.Very Bullish on it's own.

However when you look to the left of the chart at the preceding price action, obviously not all is well.

Very confusing.

 

[theasxgorilla]

Re: XAO Analysis

Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.

The APPT perhaps?

"Aussie Plunge Protection Team"??

 

[Atomic5]

Re: XAO Analysis

I wish that was funny

 

[rico01]

Re: XAO Analysis

Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.

I think it one of those rubber catsthey bounce high you .

 

[Edwood]

Re: XAO Analysis

I am amazed by the extent of the rally today.Don't really know what to make of it.Finished on it's highs on very large volume.Very Bullish on it's own.

However when you look to the left of the chart at the preceding price action, obviously not all is well.

Very confusing.

no doubt there are a lot of shorts having to reverse, bit of a bear trap on Dow today, comfortably went through 12,000 to suck in more shorts then it rallied hard as it reversed & the shorts covered. I'd imagine its a similar picture on ASX