XXJ, ASX200 Financials Excluding REIT’s

Daily chart of XXJ is analysed for the simple reason of identifying  a change  in behaviour of the price action. Why daily first ? Change stars in the short term first which may lead to a change in higher time frame (weekly) thereafter. Similar analysis may also be applicable to some major banks ( almost all). In short a clear change in behaviour is on display with a potential ICE LINE BREAK where the scout boy falls through the ice. Extension of the ICE LINE is now the  HURDLE ( Resistance)  to overcome going forward.

Being oversold and sitting at a price support of Jan – Feb may mean a throwback/flyback is likely at current levels towards the ice line. We will see off course ?

There is nothing exciting with OBV and RS at the bottom two windows either. RS breaking down decisively, indicating potential further weakness may be on the horizon should we see a failure at current price support.

I will start taking bearish tentative counts for all major banks ( ANZ already published), if anyone is interested, drop me a line and I will email those which may be used as a potential guideline over the weeks ahead.

There are CAUTION SIGNS on many charts like the one on XXJ which I salute and observe.



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