Index and Commodities Trading Week Beginning 15/04/2024
- Featured Posts, Recent Posts, Technical Analysis, Technical Report
- April 14, 2024
XJO WEEKLY Price structure: Rejection of the high The Fake Out (FO) discussed two weeks ago has continued to play out with a reversal in the form of an outside period (OPd) and, last week, a further rejection of the high with a low closing price in the overall range. With the price remaining within
READ MOREXJO WEEKLY Price structure: Fake out + OPd The Fake Out (FO) discussed last week has played out with a reversal in the form of an outside period (OPd), with the price remaining within the ascending wedge pattern. The potential flowing an OPd is for further follow-through lower in this chart to retest the 7632
READ MOREXJO WEEKLY Price structure: Fake out top The underlying Primary trend remains UP, with current price action not indicating a meaningful reversal pattern until a close below 7632 takes place. Last week again set a fake out high (FO) where price has moved over a previous reversal high of 3 weeks prior. A weekly closing
READ MOREXJO WEEKLY Price structure: Breakout retest Without follow-through lower than the previous week’s retest of the 7632 level, the price action last week remained neutral until the recent high of 3 weeks ago was taken out with a close over 7853 points. The underlying Primary trend remains UP, with current price action not indicating a reversal
READ MOREXJO WEEKLY Price structure: Breakout retest The key reversal bar stands out as a retest of the 7632 breakout level. This is the key level for the buyers to hold this week. The underlying Primary trend remains UP. A further decline below the 7632 level puts the 7300 level as support to hold. Seasonally, in late
READ MOREXJO WEEKLY Price structure: Breakout New ATH targets 8000 points The Index has again closed at an all-time high and remains in a Primary UP trend. With the majority of the underlying stocks still below their 200-day moving averages, continued sentiment may lift the Index considerably higher, with 8000 points a strong target as Bullish sentiment improves.
READ MOREXJO WEEKLY Price structure: Breakout New ATH The Index has closed at an all time high and entered into a Primary UP trend. With the majority of the underlying stocks still below their 200 day moving averages, continued sentiment may lift the Index considerably higher with 8000 point a strong target as Bullish sentiment improves. The #3
READ MOREXJO WEEKLY Price structure: Consolidation The forward view for a further retracement remains the technical observation for this week. The small range set last week against the reversal bar #3 does not indicate selling pressure. With the close above the October 2021 all-time high level of 7632, support remains strong at this level. Consistent with
READ MOREFP Markets is excited to announce that we will participate in the Singapore Traders Fair Expo on the 2nd of March 2024! The expo is a unique opportunity for FP Markets Team to interact with attendees and discuss current and future market trends and gave them an in-depth look into the company’s philosophy. Our knowledgeable
READ MOREXJO WEEKLY Price structure: Hangman Weekly close The Weekly range testing lower levels and closing towards the high indicates selling; this type of process can show in Weekly charts 1 or 2 weeks prior to a decline. Q3 2022 shows a hangman reversal following a Bullish fluid movement. With a lower high and Lower Low against
READ MOREXJO WEEKLY Price structure: High range Weekly close The closed top (no wick) hammer bar is an ideal setup for continuation; the retest of the previous week’s low shows buyers willing to enter the market on mid-week weakness. With the price closing over the important all-time high value of 7632, the momentum move has the
READ MOREXJO WEEKLY Price structure: 2nd Bullish Weekly close As the Index moves to a new all time high with a strong range bar low to high, the indication is for market sentiment to remain positive in the coming weeks. The Index has also confirmed a move into a technical Primary UP trend. The 7632 level remains
READ MORE