Short term BULLISH developments with a confirmed PIVOT POINT  SHORT TERM REVERSAL (BAR CHART TERMS candle chart shown) yesterday and a follow through today. Candle of the 25th of August is the preliminary support for those of us with some knowledge of the WYCKOFF METHOD. Also we now have a POTENTIAL (not confirmed) DOUBLE BOTTOM in the making. If confirmed, It may be reasonable to assume that we may test the zone marked as SIGNIFICANT RESISTANCE. But before that, we need to see the double bottom confirmed with a higher high candle/bar above the 1st resistance zone.

Repair work in progress ATM with XFJ which all the banks are part of. Please find the make up of this sector at ASX website if you wish. Rather than looking at an individual bank chart, I thought XFJ may be the best representation of the financials sector.

This sector IMO holds the key to what our broader market does/may do, in the weeks months ahead.



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. The information on this website is no substitute for financial advice.



Comments are closed.