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XAO Technical Analysis

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Re: XAO Analysis

When I trade the markets, I look at the daily charts to see where the short term view is.

But, I always have to remind myself that the weekly chart is important and I need to keep a good eye on that because it gives you a good over view on what the market is doing.

You see with the chart attached, that we have a nice resistance where we are right now which is around the 3760 level.

Something I found also interesting, is that there is a nice trend line coming down, picking up the troughs in mid last year, which was a really nice support and now it's been a good resistance.

If the market can't push up through that strong resistance then I think we will at least see a pull back down to the 3,500 level which is the next support and resistance level, it's also the 38% retracement level.

This is just an option from guy who has been trading for over half a decade.
 

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Re: XAO Analysis

Emjai said:
When I trade the markets, I look at the daily charts to see where the short term view is.

But, I always have to remind myself that the weekly chart is important and I need to keep a good eye on that because it gives you a good over view on what the market is doing.

You see with the chart attached, that we have a nice resistance where we are right now which is around the 3760 level.

Something I found also interesting, is that there is a nice trend line coming down, picking up the troughs in mid last year, which was a really nice support and now it's been a good resistance.

If the market can't push up through that strong resistance then I think we will at least see a pull back down to the 3,500 level which is the next support and resistance level, it's also the 38% retracement level.

This is just an option from guy who has been trading for over half a decade.
Click to expand...
Just half a decade? lol

Looks like fair comment to me! :)

Nice work.
 
Re: XAO Analysis

Reasonably strong break through resistance today.

If it closes above 3800, and confirms tomorrow, I'm out.

Anyone have a differing opinion? Is the leaked news from the US bank stress test too good? Should we wait for it to come out before closing out positions?

I guess that's bordering on asking for advice, but just wanted to know what otehr people are using to guide their decisions.
 
Re: XAO Analysis

Sunder said:
Reasonably strong break through resistance today.

If it closes above 3800, and confirms tomorrow, I'm out.

Anyone have a differing opinion? Is the leaked news from the US bank stress test too good? Should we wait for it to come out before closing out positions?

I guess that's bordering on asking for advice, but just wanted to know what otehr people are using to guide their decisions.
Click to expand...

PERSONALLY

think we heading up a false break .......trading accordingly and looking to add to a cupla of positions

could be wrong ......... and will deal with it if it crosses that bridge
 
Re: XAO Analysis

Hey, what about my 2.5 years of experience Kennas? Quarter of a decade is mammoth! [Well it's amost that much.........]
And surely the market is overpriced now and must turn to the downside? Can you at least do that for me please?
Rick




kennas said:
Just half a decade? lol

Looks like fair comment to me! :)

Nice work.
Click to expand...
 
Re: XAO Analysis

Muschu said:
Hey, what about my 2.5 years of experience Kennas? Quarter of a decade is mammoth! [Well it's amost that much.........]
And surely the market is overpriced now and must turn to the downside? Can you at least do that for me please?
Rick
Click to expand...
It's been toppy for weeks! And now breaking up from a triangley thing and through that resistance zone. Day's not over, but WTF is going on? :confused: Amazing bear rally, or confirmed bottom?
 

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Re: XAO Analysis

kennas said:
It's been toppy for weeks! And now breaking up from a triangley thing and through that resistance zone. Day's not over, but WTF is going on? :confused: Amazing bear rally, or confirmed bottom?
Click to expand...

We really need to wait until the stress test results on Thursday. I was expecting a quiet week until then, but it doesnt look like the case.

Even if this is the emergency of a new up trend, we must be due for a dip shortly.
 
Re: XAO Analysis

Well I wasn't expecting it to run this hard today. Are we in for good news or something??
 
Re: XAO Analysis

kennas said:
It's been toppy for weeks! And now breaking up from a triangley thing and through that resistance zone. Day's not over, but WTF is going on? :confused: Amazing bear rally, or confirmed bottom?
Click to expand...

I'm taking my bat and ball and going home.
 
Re: XAO Analysis

Maybe some relevance to the ETS demise today. Conditions just got a little bit brighter.
 
Re: XAO Analysis

Muschu said:
I'm taking my bat and ball and going home.
Click to expand...

Me too. It was always going to go up after I sold a heap of stocks last week.:D

If those stress test results on the US banks are good, they are hiding something. Just IMHO.
 
Re: XAO Analysis

kennas said:
It's been toppy for weeks! And now breaking up from a triangley thing and through that resistance zone. Day's not over, but WTF is going on? :confused: Amazing bear rally, or confirmed bottom?
Click to expand...

If that chart was purely a simple stock it would be hard not to be bullish.
 
Re: XAO Analysis

one thing I dont get from this strong movement today is, how come the S&P500 hardly moved at all? still sitting on 0.3%+, hasnt this created a massive divergence now?
 
Re: XAO Analysis

Maybe with all this bear influence from the news, we should just turn the chart upside down:D
(xjo not xao)
xjo.png
 
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