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XAO Technical Analysis

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This is the weekly XJO although same patterns/analysis as XAO.

Corrective pattern higher unfolding i.m.o. It would take a break above 6490 to be more bullish.
 
So the SPI has broken out. You will not see this on the XJO and Aussie CFD because of the Divs from CBA etc But shorts will be taking heat and SPI momo models could take off here,


The strong AUD and TLS could stink this up I guess..
 
Reactions: TLS
Maybe today's the day. With all the fakeout-breakouts, better wait til close I guess. Unless there's an afternoon rush. If it does close above the line, I still like 5884 as the initial Ords target.

 
Reactions: TLS
False brk imo.

As an aside, What do people look at most for charting? The futs or the index?
 
Trembling Hand said:
How do you quantify that?
Click to expand...

I've compared them for a specific trendline technique I use. When used on the Ords, the targets are often met exactly. When used on the CFD, it's close but vague. Sometimes they mirror each other.

But the CFD broke out yesterday and the retrace today didn't really line up with anything that I could see. Ords is still under the line at today's close - that's quite a difference.
 
skyQuake said:
Why not a selling opp?
Click to expand...

Strong close but the risk is down for me. The banks have bounced following a strong impulsive leg lower into the 50% - 61.8% retracement zone. This suggests further weakness to come over the coming months.

The Small Ords (XSO) is approaching the upper boundary of the consolidation pattern that commenced at the beginning of the year. It has also chopped its way higher indicative of a corrective pattern.

Shorting opportunities in the big four for the brave.
 
Congratulations to anyone who can make sense of the current XAO.
To be honest, in recent months it had begun to resemble a bullish triangle to me.
But let's see overnight if it will be rescued once again from the 200EMA - US Futs not so good, but there's still a few hours until US market opens
 
interesting last few days, mr calc says spi should be trading
back at 5704 this week, so lets see how that pans out.
would like to see a bottom at 5576 5567 (cant remember which)
 
Yesterday saw the breakdown from the big wedge. A close outside of the lines - first in months. South Korea readying for conflict.

 
Gringotts Bank said:
You're right. That top line had nine tests/touches. My thinking was that if it did break to the upside it would be a big move. Obviously it failed and now we have a true move outside the lines (close<line).
Click to expand...
I'm also wondering if this is the start of a downward failure from the triangle pattern. At 5,730, a critical juncture.
 
Logique said:
I'm also wondering if this is the start of a downward failure from the triangle pattern. At 5,730, a critical juncture.
Click to expand...

The other night I had a dream about the 18th as a date of significance. Not sure what month. Still getting my psychic app business up and running.
 
That looks like a breakdown of any idea of a wedge or triangle pattern in the XAO. Downside target is the height of the mast isn't it?
CBA share price looking sick, very influential on the domestic index, as with all the majors.
 
I admit that I'm too prone to noodling on the General Chat forum. So, I now comment on the all Ords XAO Tech Analysis - in Bullish fashion. In the near term, I can't see 6,000 pulling it up. Look at the attached long term chart, marked with my own hypothesis of long-term ascending triangle.

Doubtless Tech/a will take me to task on my primitive TA skills. Momentum. Just momentum. See long term chart below, with my hypothetical ascending triangle marks in green.
 
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