XMJ (ASX 200 Materials Sector) Weekly Chart Outlook 28/01/2017.

Best performing index XMJ in the current week. After the neckline break and completion of an INVERSE HEAD & SHOULDERS ACCUMULATION PATTERN in Mid. 2016, XMJ did not look back. A BULL RUN was born. OBV ( On Balance Volume) at the bottom window is also confirming this bullish move since the breakout. 50% of the lost territory since 2011 peak have now been re claimed and we are in a zone of IMPORTANT RESISTACE ZONE if we look to the left.

I have added standard Bollinger Bands to the chart, where the mean of the Bollinger Bands (14 period SMA in this case) had provided a perfect support since the formation of the RIGHT SHOULDER. Should we see a pullback of some sort, expectation may be a support at the mean of the bands.

Weekly XMJ Chart below.

xmj28012017

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