I am analysing a weekly chart of XAO ( All Ords). Has anything changed from last week ? Yes, we have made a HIGHER HIGH in the current trading week, even though it is very marginal (by 1/2 point only). This maintains the short term bullish posture.
We have cleared and still trading above the 40 period weekly SMA which is another bullish development. This was on hand two weeks ago and still is. No complaints on this front either.
We are still stuck in the same trading range which we have been in since August last year. Decisive break above the RESISTANCE ZONE of 5400 which holds ( highlighted with yellow and marked as level to beat) would turn the switch on for a BULL to CHARGE again. In time I guess. Although not confirmed, my view is that, this is an ACCUMULATION TRADING RANGE. I have expressed this view since August last year and still maintaining it until proven otherwise.
In the short term we are mindful that we are at a resistance with no sign of weakness on hand and monitoring this beast ( XAO) with further analysis.
Will we see a surprise by RBA next week which may fuel our market further ? No comment from me.
Weekly All Ords Chart below with potential Wyckoff Accumulation markings . If not familiar with the method, please disregard those markings on the chart and stick with the commentary.
Have a great weekend.
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