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XAO Technical Analysis

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I'm not technical at all but my read is that it will bounce around a but but continue down primarily because there is no sustainable good news coming from anywhere, the chickens are coming home to roost.
 
How long after it bounces do ya reckon it takes to find some good news??;)
 
MrBurns said:
I've just consulted the spoon handles and candles, checked my tea leaves and spun anti clockwise 3 times

No good news in sight.
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Good to see you're practicing Mr.B:xyxthumbs


CanOz
 
mr. jeff said:
4740 Could well be the resistance that holds today, may need a bit of encouragement from overnight markets to help the next leg start. Thoughts ? It has certainly pushed down today.
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I don't really have much of a feel for things today. Got out at open (stocks) and just watching for now.
 
Futs off 81 pts overnight

Interesting to see what happens during our cash session today. RIO/BHP both approaching major support levels, considering they are a huge part of the index if they break through it could be bombs away (again)
 
kid hustlr said:
Futs off 81 pts overnight

Interesting to see what happens during our cash session today. RIO/BHP both approaching major support levels, considering they are a huge part of the index if they break through it could be bombs away (again)
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BHP is on the measured move now...
 

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tech/a said:
Update

XJO

Classic
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Showing signs that this could develop into a classic
wave 4 pattern Lower highs possibly a down sloping
triangle before completing this move.

Expect the bounce in US tonight and here as well.
Value buyers are getting into those Screaming Buys!!
 
I see risk of further downside for the ASX 200. It has tested previous support levels which are now new resistance at 4,900 and is headed for a test of the new support level 4,700. The Aussie dollar is key, if it keeps sliding, offshore investors will keep pulling money out and the market will continue to fall in my view...

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Gringotts Bank said:
Potential double bottom. Breakout (4841) would seem unlikely but you never know.
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GB
As Country Lad has pointed out to you.
A bouble bottom isnt simply price printing twice at the same point.

What we are seeing is a TEST of the most recient significant low.
How price reacts to the test will "indicate" what is likely to happen
in the "Next Chapter" of the book.
 
Might get some end of year tax loss selling this week too. If I was an evil hedge fund I'd be accumulating any down ticks and do an almighty walk up with the futs on Friday to lock in my bounus at mark-to-market. That used to one of their games back in the old day..... 2005 etc
 
If we take out the 13 June low tomorrow, type A bullish divergence will be in play. Will post a chart tomorrow should this eventuate.
 
Strong run back up to 4750 - thoughts on a retreat back to bearish run ? Will be interesting to see if the resistance will hold, but I can't predict what news will have to come out to provide the next leg down... not as certain as last weeks action and thus sitting on the sidelines.
 
mr. jeff said:
Strong run back up to 4750 - thoughts on a retreat back to bearish run ? Will be interesting to see if the resistance will hold, but I can't predict what news will have to come out to provide the next leg down... not as certain as last weeks action and thus sitting on the sidelines.
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Same. I suspect a fair bit more up/down/up/down for a while.... so I'm still sitting out.
 
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