XAO Technical Analysis

sammy84 said:

Too many people watching this potential H&S. Another possibility that will happen is that there will be a false break of the neck line...that line of support is on a lot of peoples watch list. The fundies might then step in, market could continue past the right shoulder and provide a bullish set-up.

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Garpal Gumnut said:

Its an a ascending triangle mate, and you could be on the money.

They are a powerful TA setup.

Still its a h and s

I'll wait and see before I put my hard earned on to it.

gg

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sammy84 said:

Curtis Arnold in his PPS system identified H&S patterns that could be traded to the long side. When an index/stock is an uptrend and then starts to consolidate, if a H&S is formed, a break of the right shoulder creates a long set-up. In many cases this sort of set-up will also form an ascending triangle, but they are still nevertheless two different patterns.

Same as you however, not trading either set-up, this market will give us a direction soon enough. I'm finding it hard to find short set-ups at the moment however....

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Private Trader said:

I see a fake break to the downside (between 3722 - 3757) before the bulls take charge & push the index to between 4101 - 4116.

Note the divergence between the On Balance Volume & the Chart.

Either way it should make an interesting ride.

Good Trading!!!

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Private Trader said:

I see a fake break to the downside (between 3722 - 3757) before the bulls take charge & push the index to between 4101 - 4116.

Note the divergence between the On Balance Volume & the Chart.

Either way it should make an interesting ride.

Good Trading!!!

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tech/a said:

Interesting.
You equate rising volume to rising markets?

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kennas said:

I wouldn't be too happy with rising volume in a downward move, if that was the case.

eeeeek

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tech/a said:

Interesting.
You equate rising volume to rising markets?

A number of markets are showing similar patterns.
All bearish.
Strange to have a contrarian view.

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Private Trader said:

Just want to clarify my view.
1) OBV - Is a measure of supply & demand. Demand has increased whilst prices have decreased, signalling an upturn will likely occur in the near future.
2) Dow Theory - 3rd time frame signals a change in trend, after a bounce at 50% retraction of the march bull run.
3) Gann Swing Charts - Daily charts indicate a turn in trend, validating the long term trend.

Good Trading!!!

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kennas said:

Just polishing up the crystal ball and I see a another potential H&S forming up.

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kennas said:

Breaking 3800 might be the catalyst, but there's plenty of support around 3700-50 ish. Interesting juncture.

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jonojpsg said:

Mmmm yep, I'd say that if 3700 breaks then the @#%! will hit the fan

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Private Trader said:

Just want to clarify my view.
1) OBV - Is a measure of supply & demand. Demand has increased whilst prices have decreased, signalling an upturn will likely occur in the near future.
2) Dow Theory - 3rd time frame signals a change in trend, after a bounce at 50% retraction of the march bull run.
3) Gann Swing Charts - Daily charts indicate a turn in trend, validating the long term trend.

Good Trading!!!

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naughtynickers said:

well we will find out today as 3700 will surely be breached by 10:08AM

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gfresh said:

2pm programmed buying across the board.. some good volume, this ship is turning around for a little bit (maybe!)

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