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.



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.



Comments are closed.