XJO Daily Chart Outlook 20/01/2017.

A short term outlook of ASX 200 (XJO) which may not be an interest for some of us taking a medium to long term analysis view. At the last session (19/01/2017), XJO, gave us a HIGHER HIGH and a HIGHER LOW bar/candle, first of it’s kind, since the most recent high at 5827. This may suggest some potential short term support at the zone of  5650 may be set. I have highlighted the current as well as the late November early December corrective periods with Yellow. Reason being, there may be a similarity unfolding, but yet to be confirmed. Hindsight always wonderful as we all know !

I have added Bollinger Bands with a mean of 10 period SMA, which has contained the price action behaviour since the TRUMP BAR made on 09/11/2016. Last time price action touched the bottom Bollinger Band in early December 2016 (5th and 6th), it has found support and bounced of it. Are we about to see a similar behaviour at current levels ? I don’t know the answer to this, but support of some sort is expected, at least temporarily.

OBV at the bottom window is still respecting it’s up trend line which adds an extra bullish weight to the late uptrend.

xjodaily20012017

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