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XAO Technical Analysis

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Re: XAO Analysis

Might not be the final end point for the XAO but have a bottom now (todays low) worth re-testing in the following week(s).

Tim
 
Re: XAO Analysis

I think I have a new expected bottom which is 5200 points... 5600 is easily achievable
 
Re: XAO Analysis

What I'm worried about is that the sell off was caused by the computer glitch in SFE btw 12-2pm, the caused traders to sell stocks. so was it a fake bottom? may be this is not the end! Just like in Feb, the sell off on Wall St wasnt caused by China, by a computer glitch, i really dont know wat to think of the market now...
 
Re: XAO Analysis

UPKA said:
If we get a good nite in US tonite, and we could a rally here tomorrow seeing the hammer today.
Click to expand...
Dow future are down 76 and SP futures down 9. Doesn't mean a hell of a lot at this stage, but don't start counting chickens just yet.
 
Re: XAO Analysis

wayneL said:
Dow future are down 76 and SP futures down 9. Doesn't mean a hell of a lot at this stage, but don't start counting chickens just yet.
Click to expand...

consider it up, it was at -200pts when our market opened. bt the u can hardly tell anything from teh futures....
 
Re: XAO Analysis

Really seems to hinge on the Yen...still testing support on the USD/JPY chart.

Cheers,
 

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Re: XAO Analysis

Well there's the hammer anyway.

Impressive if nothing else...

Cheers,
GP
 

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Re: XAO Analysis

My view on charting is that it is a system that is based on conformity... A lot of chartists are simply relying on everyone to conform an the same priciples... It doesn't have any real merit in many situations because if the DOW went down tonight the XAO will fall again tomorrow and this time hugely...
 
Re: XAO Analysis


I`m not so sure about that, there was some real strength in the afternoon to finish nearly 4% of its lows .
Never seen such a double act!
 
Re: XAO Analysis

It was real scary watching it.

Maybe the Future Fund was acting as our very own Plunge Protection Team???
 
Re: XAO Analysis


I must disagree.

Support and resistance lines can be seen to provide guidance to market action. See my yesterday post where I suggested 5500 and 5000 as next support levels. Its not tea leaves as opposed to fundamental analysis whereby the market plummets with the lowest p/e for some time and reasonable earnngs predicted on capital investment going forward. Anyone who doesn't follow the charts at least for guidance to a fundamental approach is "brave". If the market provides support at this level then forward analysis can be done after further market action. If it falls then 5000 is next support. If it goes through 5000 then we are into unknown territory.

Garpal
 
Re: XAO Analysis

Here's an interesting question, what was really behind the ralley this arvo.

I thought of something interesting this arvo whilst I was out in the paddock wishing that we wern't looking down the barrel of another dought.

Does anyone think that it was future fund money that was injected into the market that has been on the sidlines after TII?

Food for thought


Cheers


BT
 
Re: XAO Analysis

I personally think that once the fat lady stops singing the XAO will be back down to 3,500...
 
Re: XAO Analysis


That money is in a hedge fund in the US, and no-one can be sure as to its safety...

I doubt that's what it was today.
 
Re: XAO Analysis

chops_a_must said:
That money is in a hedge fund in the US, and no-one can be sure as to its safety...

I doubt that's what it was today.
Click to expand...

That was smart of treasurer Costello, He should have ordered his minions to put it all into NWE, hey chops!
 
Re: XAO Analysis

chops_a_must said:
That money is in a hedge fund in the US, and no-one can be sure as to its safety...

I doubt that's what it was today.
Click to expand...
Although it could explain the "hardware" being "installed".

Maybe some fund manager got an emergency late night call. Lol!
 
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