XJO (ASX 200) Daily Set Up.

Same short term daily chart as earlier with what I would consider a successful SPRING TEST marked as (TOS = Test of Spring). SPRING being the bar made on 21/09. This bar was very bearish in nature and failure of follow-through thereafter suggesting smart money was potentially accumulating at or around 5650 zone. A floor was set in other words by the better informed/smart money.

Question which I ask, what did we get or what was completed on Friday (on 29/09 last bar) ?

Both OBV and RSI at the lower windows registering higher highs in comparison with the price. Does this mean anything ? To me it does, as long as the LOW MADE on 21/09 is respected.

What can we  expect now ? A potential test of the next two resistance levels around 5780 – 5800. It will be interesting to see if this may be the case in the short term ????

Analysis continues…

XJO Daily shown.

xjodaily30092017

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