XAO Weekly Chart Analysis 15/04/2016.

Zone of 5000 re affirming itself as a SUPPORT LEVEL to watch with All Ords ( XAO). By the close today, we are trading above the 40 period weekly SMA after meeting a RESISTANCE few weeks ago which had resulted in a PULLBACK. A bullish development which is welcomed.

Another beautiful looking WEEKLY PIVOT POINT REVERSAL BAR, suggesting a bias to the upside in the short term trend of this weekly XAO chart.

In the medium term trend, we are still stuck in a larger TRADING RANGE since August of last year.

All the prior BULLISH TENTATIVE PRICE OBJECTIVES published still stands. I will revisit my PnF charts over the weekend. If anything worthy of mentioning, I will publish.

Important zone of resistance is the 5400 level, which is highlighted with Yellow on the chart.

I have kept the violated down trend line on the chart as a reminder that it is no longer in force and had been negated. Diagonal dashed Red line drawn from April 2014 peak is what I am talking about. It had been booted.Out the door. Less one hurdle in our market.

OBV at the bottom window is also encouraging and a new higher peak would add an extra weight to the short term bullish bias, if and when on hand.TBC.

Still a fair amount of repair work is needed to turn the major trend back to bull mode must also be said. For that, I would be looking at a decisive close above 5400 level which holds. In time it will. As to when one may ask ? I wish I knew, my answer would be.

Enjoy your weekend.

Weekly XAO Chart below.

xaoweekly15042016

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