All Ords (XAO) Weekly Chart Outlook

SPI down 60 points at overnight trading, XAO is set to open lower unless a miracle happens  . I have marked three levels of support, two in Blue and one in Red on the chart. Zone for the support level  in Red is 5680 ( approx.) which is what I am watching on any test. But, If I had to mark a SIGNIFICANT ZONE of SUPPORT that would be  5600 – 5700.

This short term bearish developments does nothing to change the MAJOR TREND of XAO which is UP and STRONG still. As for it’s INTERMEDIATE/MEDIUM TERM TREND, nothing has changed since the beginning of the year either. Same old boring trading range continues. A decisive break of 5600 and close below that level would change my view if and when on hand.

Japanese Yen, Gold and Bonds are the star performers in the short term. In short, all three are considered safe haven assets.  Cash may also be seen as a safe haven in the current climate.

A friend and a member sent me an email with the following.  Kaz , I think gold stocks will do well tomorrow ?. Yes, I am in two of those myself .

Weekly XAO chart as at the close 17/05

xaoweekly17052017

Disclaimer

All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

 

 

 

 

 

 

 

Comments are closed.