XJO EOD DAILY CHART UPDATE 06/08/2015.

Number three is an important number in TA and we had four attempts at a breakout but failed so far. A confirmed PIVOT POINT REVERSAL ( a bearish short term reversal) in bar chart terms on hand today.

What does this mean ?

A reversal like PIVOT POINT  may have a bearish effect over the next five trading periods ( in this case around 5 days).That is the general thumb of rule anyway. Also it  may mean RISK OFF, safety first and foremost.

At this stage, we are still within the boundaries of the trading range of approx. 300 points ,with a potential of another support zone test ( yellow shaded support zone at the bottom).

It will be interesting to see if the violated RESISTANCE LINE of the prior down trending channel provides some support as it did on the 24th 27th and 28th of July.

Disclaimer

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 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.

 

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