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.
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.