GreatPig
Pigs In Space
- Joined
- 9 July 2004
- Posts
- 2,368
- Reactions
- 14
XAO Technical Analysis
- Thread starter Sean K
- Start date
Re: XAO Analysis
Further to my graph yesterday, nice blue candle today.. thought things would be neutral with the DOJ closed last night, but guess I was wrong. Possible upwards breakout.. Very close to 6400.. will be very telling next few days..
3 failed breaks past 6400 would be a very bad sign IMO
Further to my graph yesterday, nice blue candle today.. thought things would be neutral with the DOJ closed last night, but guess I was wrong. Possible upwards breakout.. Very close to 6400.. will be very telling next few days..
3 failed breaks past 6400 would be a very bad sign IMO
Attachments
- Joined
- 16 June 2007
- Posts
- 348
- Reactions
- 1
Re: XAO Analysis
I'm still a newbie, but I wonder if patterns such as the triple top would apply to an index as well?
Using the above chart, it seems to show that buying interest is drying up, with a few days of trading in a very narrow range (except for today), with volume decreasing each day. (hopefully, I'm not speaking complete rubbish)
3 failed breaks past 6400 would be a very bad sign IMO
I'm still a newbie, but I wonder if patterns such as the triple top would apply to an index as well?
Using the above chart, it seems to show that buying interest is drying up, with a few days of trading in a very narrow range (except for today), with volume decreasing each day. (hopefully, I'm not speaking complete rubbish)
theasxgorilla
Problem solved... next bubble.
- Joined
- 7 December 2006
- Posts
- 2,343
- Reactions
- 1
Re: XAO Analysis
Certainly...however many a flat-topped ascending, 3 or 5 wave, triangle pattern was a triple-top before it became a breakout...connotations intended with the WorldCom example too!
Certainly...however many a flat-topped ascending, 3 or 5 wave, triangle pattern was a triple-top before it became a breakout...connotations intended with the WorldCom example too!
Attachments
- Joined
- 19 April 2007
- Posts
- 71
- Reactions
- 0
Re: XAO Analysis
Maybe the consolidation we had was a stealth correction. After some thinking, I'm putting my bull horns back on. I think this next up move might actually break the 6400 level...lets hope so.
Maybe the consolidation we had was a stealth correction. After some thinking, I'm putting my bull horns back on. I think this next up move might actually break the 6400 level...lets hope so.
CanOz
Home runs feel good, but base hits pay bills!
- Joined
- 11 July 2006
- Posts
- 11,543
- Reactions
- 519
>Apocalypto<
20.03.2012
- Joined
- 2 February 2007
- Posts
- 2,233
- Reactions
- 2
Re: XAO Analysis
Hi Can I am all ready long in the xjo, after a saw some confrimation on this latest push to 6400.
Keeping it small until i see it break 6400 as last rise turned rather quick off the top.
be a great place to add if it can break 6400.
watching with interest.
Hi Can I am all ready long in the xjo, after a saw some confrimation on this latest push to 6400.
Keeping it small until i see it break 6400 as last rise turned rather quick off the top.
be a great place to add if it can break 6400.
watching with interest.
CanOz
Home runs feel good, but base hits pay bills!
- Joined
- 11 July 2006
- Posts
- 11,543
- Reactions
- 519
Re: XAO Analysis
Figured you would be TI. What you make of that bullish divergence?
Cheers,
Figured you would be TI. What you make of that bullish divergence?
Cheers,
- Joined
- 19 April 2007
- Posts
- 71
- Reactions
- 0
Re: XAO Analysis
Personally, I don't see that as positive divergence because that second drop did not form a lower low.
Personally, I don't see that as positive divergence because that second drop did not form a lower low.
- Joined
- 22 July 2006
- Posts
- 852
- Reactions
- 1
Re: XAO Analysis
Right, well I have posted a copy of the XJO, not XAO here, but the point is the same. There is still bearish divergence on our MACD and we are at the edge of the defined trend range.... So the billion dollar question is where to from here. Could be a triple top, but we would need to break down through 6180 for that to occur. Then again, we could just be exiting from a 2.5 month period of accumulation, confirmation here would be a break of 6410 and we are very close....
I'm not a big one on making market calls, but considering the worldwide index view, the probabilities would have to lean towards another bullish move up....... Any views here, Tradeit, I know you are sitting on the sidelines waiting for confirmation......
Cheers
Right, well I have posted a copy of the XJO, not XAO here, but the point is the same. There is still bearish divergence on our MACD and we are at the edge of the defined trend range.... So the billion dollar question is where to from here. Could be a triple top, but we would need to break down through 6180 for that to occur. Then again, we could just be exiting from a 2.5 month period of accumulation, confirmation here would be a break of 6410 and we are very close....
I'm not a big one on making market calls, but considering the worldwide index view, the probabilities would have to lean towards another bullish move up....... Any views here, Tradeit, I know you are sitting on the sidelines waiting for confirmation......
Cheers
Attachments
CanOz
Home runs feel good, but base hits pay bills!
- Joined
- 11 July 2006
- Posts
- 11,543
- Reactions
- 519
Re: XAO Analysis
Hmmm, looked it up from John L. Person's - Technical Trading Tactics, page 118, refers to a similar situation as Bullish Convergence, price makes a double bottom, Stoc makes a higher low....actually i incorrectly referred to it as Divergence. I could be interpreting this wrong HM. By all means set me straight, i'm no expert on TA thats for sure, and curious to know.
In anycase...it was bullish for today!
Cheers,
Hmmm, looked it up from John L. Person's - Technical Trading Tactics, page 118, refers to a similar situation as Bullish Convergence, price makes a double bottom, Stoc makes a higher low....actually i incorrectly referred to it as Divergence. I could be interpreting this wrong HM. By all means set me straight, i'm no expert on TA thats for sure, and curious to know.
In anycase...it was bullish for today!
Cheers,
theasxgorilla
Problem solved... next bubble.
- Joined
- 7 December 2006
- Posts
- 2,343
- Reactions
- 1
Re: XAO Analysis
As the XJO is an aggregated constituent instrument its probably not worth getting pedantic about 1 or 2 points here and there, so it's plain to see that todays move took us to that significant resistance level of 6400. We've been above it ever so slightly, but never convincingly. Breakout, sideways or turned around...tomorrow's price action could be any of these.
Asia was up today, Europe IS up, Americas still yet to come.
As the XJO is an aggregated constituent instrument its probably not worth getting pedantic about 1 or 2 points here and there, so it's plain to see that todays move took us to that significant resistance level of 6400. We've been above it ever so slightly, but never convincingly. Breakout, sideways or turned around...tomorrow's price action could be any of these.
Asia was up today, Europe IS up, Americas still yet to come.
- Joined
- 22 July 2006
- Posts
- 852
- Reactions
- 1
Re: XAO Analysis
Cheers ASX, agreed that one shouldn't get too pedantic about the precise price targets, don't be a dick for a tick!!!!
Let's hope it's a breakout tomorrow moving us out of the trading range were in............ BHP is way way way up however, so not much room to move at the moment.....
Cheers
Cheers ASX, agreed that one shouldn't get too pedantic about the precise price targets, don't be a dick for a tick!!!!
Let's hope it's a breakout tomorrow moving us out of the trading range were in............ BHP is way way way up however, so not much room to move at the moment.....
Cheers
CanOz
Home runs feel good, but base hits pay bills!
- Joined
- 11 July 2006
- Posts
- 11,543
- Reactions
- 519
Attachments
theasxgorilla
Problem solved... next bubble.
- Joined
- 7 December 2006
- Posts
- 2,343
- Reactions
- 1
Re: XAO Analysis
I suspect the financials may be the key...if they reverse/breakout then they'll stop acting as a anchor for the index which is being led by the materials (as canaus pointed out) and energy to a lesser degree.
I suspect the financials may be the key...if they reverse/breakout then they'll stop acting as a anchor for the index which is being led by the materials (as canaus pointed out) and energy to a lesser degree.
>Apocalypto<
20.03.2012
- Joined
- 2 February 2007
- Posts
- 2,233
- Reactions
- 2
Re: XAO Analysis
Guys never say a stock or market does not have room to move, A market can do anything up or down!
make your plays off the evidence being presented not of assumption based on personal feelings. That's the way I approach it.
tonight being critical, maybe maybe not if it does fall tonight why will the flood gates open?
I have made a preemptive play, added another long to the xjo as the charts in on the dow and xjo for now say yes higher prices can expected while it sits on its current short term trend line. DOW lagging on the chart compared to the xao and xjo. As we are looking to test mayor resistance dow still to meet it. on all thee charts negative 45 degree harmony has been broken. with only major resistance to be beaten. Also note volume drops off in a diagonal descending fashion on the dow and xao that is text book volume behavior in a ascending triangle continuation pattern.( I have the text books to prove it!)
Can,
I am seeing good things here right now in our market and on the dow. This is a valid short term trend with a good angle just above 45 degrees very bullish.
will it hit new highs or retreat back to its support is up to the market to decide but either way i am ready for whatever move comes.
green arrows are my buy points, tight stop on the second entry.
sorry for all the pfd's have to get a new image writer for bourse.
good trading.
Guys never say a stock or market does not have room to move, A market can do anything up or down!
make your plays off the evidence being presented not of assumption based on personal feelings. That's the way I approach it.
tonight being critical, maybe maybe not if it does fall tonight why will the flood gates open?
I have made a preemptive play, added another long to the xjo as the charts in on the dow and xjo for now say yes higher prices can expected while it sits on its current short term trend line. DOW lagging on the chart compared to the xao and xjo. As we are looking to test mayor resistance dow still to meet it. on all thee charts negative 45 degree harmony has been broken. with only major resistance to be beaten. Also note volume drops off in a diagonal descending fashion on the dow and xao that is text book volume behavior in a ascending triangle continuation pattern.( I have the text books to prove it!
)Can,
I am seeing good things here right now in our market and on the dow. This is a valid short term trend with a good angle just above 45 degrees very bullish.
will it hit new highs or retreat back to its support is up to the market to decide but either way i am ready for whatever move comes.
green arrows are my buy points, tight stop on the second entry.
sorry for all the pfd's have to get a new image writer for bourse.
good trading.
Attachments
CanOz
Home runs feel good, but base hits pay bills!
- Joined
- 11 July 2006
- Posts
- 11,543
- Reactions
- 519
Re: XAO Analysis
Thanks TI....truely interesting times, thats one of the things i love about this interest, anything can happen, each moment in the market is unique, never will there be an absence of an opportunity to learn something new...
Cheers,
Thanks TI....truely interesting times, thats one of the things i love about this interest, anything can happen, each moment in the market is unique, never will there be an absence of an opportunity to learn something new...
Cheers,
>Apocalypto<
20.03.2012
- Joined
- 2 February 2007
- Posts
- 2,233
- Reactions
- 2
- Joined
- 17 January 2007
- Posts
- 2,986
- Reactions
- 32
Re: XAO Analysis
One thing that troubles me for the oz market is the influence of just a few stocks eg BHP & ZFX masking a weak underlying market. Take out these 2 and a handfull of others & we have a pretty ordinary market - hardly inspiring.
The banks, apart form CBA, have failed to keep the pace too.
While it still has room to move, BHP's chart is parabolic on the monthly and getting close to the top of brokers near term price targets, some breathing space needed perhaps.
Any serious profit taking with these 2 and the indexs will come off a bit I think.
One thing that troubles me for the oz market is the influence of just a few stocks eg BHP & ZFX masking a weak underlying market. Take out these 2 and a handfull of others & we have a pretty ordinary market - hardly inspiring.
The banks, apart form CBA, have failed to keep the pace too.
While it still has room to move, BHP's chart is parabolic on the monthly and getting close to the top of brokers near term price targets, some breathing space needed perhaps.
Any serious profit taking with these 2 and the indexs will come off a bit I think.
Re: XAO Analysis
.. or if you took out the growth in resource stocks altogether
Already a few comments out of the US about 'sitting on the sidelines', and 'fully valued' may not lead to much further growth there - which will probably hold us back as well.
Couple of possibly telling comments, taken from today's US market wrap:
http://money.cnn.com/2007/07/09/markets/markets_0530/index.htm?postversion=2007070917
and..
.. or if you took out the growth in resource stocks altogether
Already a few comments out of the US about 'sitting on the sidelines', and 'fully valued' may not lead to much further growth there - which will probably hold us back as well.
Couple of possibly telling comments, taken from today's US market wrap:
http://money.cnn.com/2007/07/09/markets/markets_0530/index.htm?postversion=2007070917
and..