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I have kept the violated down trend line on the chart as a reminder that it is no longer in force and had been negated.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.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.