XJO (ASX 200) has violated it’s support dating back to August 2015, but currently trading above it ( 15:15 11/01/2016). A follow through with tomorrow’s price action would be the confirmation of the validity of the break. A reversal to the upside over the next few trading sessions may be seen as a potential Wyckoff Spring. In Mid. December 2015 we have seen a break that was negated following day with XJO. Will we see a similar behaviour this time around or a confirmed breakdown ?
Daily Chart of XAO below.
XAO ( All Ords) is still respecting it’s August 2015 Low, unlike XJO. May be a finger nail away from being broken but still hanging in there. As always BREAK and a FOLLOW THROUGH is what I am looking for. Without a follow through any breakout is to be questioned.
A reversal to the upside on the other hand, would add an extra weight to this zone of support if on hand, over the next few trading sessions.
Daily XAO Chart below.
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