TRADING RANGE (congestion area/trendless phase) which we have been in since August last year is still in effect.
Most recently completed bullish H&S Bottom pattern on this daily chart has taken us to the resistance level offered by the 200 Day SMA so far. The current value of the 200 Day SMA is at 5253 as of this writing. 5440 was/is the approx. bullish price objective from the pattern as can be seen on the chart. Zone of 5330 would be the next level to watch if we break above the 200 Day SMA with XAO. Also it may be worthwhile revisiting the PnF Bullish Price Objectives posted a while ago.
I will re visit the commodity chart over the weekend to see how the short term bullish developments are unfolding on that front.
Daily XAO Chart below.
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