Short Term Market Update 08/01/2016

SPI 1000 Tick Chart in analysis to look at the short term behaviour of SPI and that of broader XAO. A stopping action is now in place (Change of Character “CHoCH) suggesting a temporary halt to the decline and a range bound (TR) price action, in the short term at least. The resolution out of  of this mini trading range, which it’s boundaries marked with solid Pink support and resistance lines is likely to determine the direction of the next move.

OBV at the bottom window has  also flattened , adding extra weight to the price action being range bound.

The 2nd supply line is still active and in place. A violation of that, if on hand, may also provide further clues, as to which may SPI and hence XAO may be headed.

SPI 1000 Tick Chart below as at approx. 11:50 hours Melbourne time.

spi1000tick08012016

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