XAO Daily Chart Outlook.

Daily chart of XAO in analysis to try and uncover what may be happening behind the scenes in this trading range that we have been in since the beginning of the year.

As we know, XAO has been stuck in this boring trading range making some marginal highs with immediate failure, so far at least. We have a trading range within a trading range as much as this may sound silly. I have marked the boundaries of both. See RED and BLUE SUPPORT and RESISTANCE LINES representing the two. Blue is in the form of a FLAT and the Red is in the form of a UP SLOPING. It could potentially go on for weeks until it resolves itself in either direction. What is interesting is the fact that we have seen couple of new highs above the 5880 level which has failed to attract renewed buying. An UPTRUST ( failed breakout) is how I would define those at this stage. The bar made on the 18th is the largest volume bar which I am calling a SIGN of WEAKNESS BAR.  

There is no issues with the MAJOR UPTREND of the beast which is also worth  noting which is UP and STRONG. A break below 5650 would be where I would have a major concern, if and when on hand.

Watching the SUPPORT and RESISTANCE LINES in RED and BLUE of both trading ranges for further clues going forward.



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