XAO Daily chart Update EOD 07/10/2015

Within a trading range of late a BULLISH development with a MINI BREAKOUT in conventional charting terms or JAC (Jump across the creek) if Wyckoff Analysis is applied.Please see where the two dashed Green resistance lines were broken to the upside.

August the 25th is now marked as a SCLX ( Selling Climax) after a confirmation of the AR (automatic rally) which also HALTS the downtrend, giving way to a trading range. I am treating this trading range as an accumulation phase from all the available data to date. Our 50 period SMA ( Blue SMA) which clusters with 38% fib. retracement @ 5230 is expected to reinforce that level as resistance in the short term. If broken to the upside, next level of resistance would be the 50% fib. retracement clustering with AR @ 5322. To the downside low of the candle(5089) made on the 5th should hold, if we are to continue this short term bullish bias.

Volume increase in rallies and decrease during any pullback may also reinforce this short term BULLISH development. As soon as any P&F price objective is on hand it will be posted.

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xaodailytctoctober7

 

 

 

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