Index and Commodities Trading Week Beginning 18/03/2024
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- March 17, 2024
XJO WEEKLY Price structure: Strong advance. The Index remains within 20 points of an all time high following a sustained advance from the late October bullish OPu. This seasonal window has a few weeks to run, however given the already extended price movement from the 6800 lows, traders should now monitor price for a move
READ MOREXJO WEEKLY Price structure: Strong advance. A very strong range (impulsive), closing towards the high has presented last week, some follow through should again be expected during this trading week. With the current Weekly closing price remaining within the larger range between support at 6930 and resistance of 7565, the index still remains within a
READ MOREXJO WEEKLY Price structure: Strong advance. A strong range, closing at the high was presented last week, some follow-through should be expected during this trading week. With the current Weekly closing price remaining within the larger range between support at 6930 and resistance of 7370, the index remains within a downward movement. A further weekly
READ MOREXJO WEEKLY Price structure: Weak advance. Closing towards the high of the week suggests some follow-through should occur. The importance of the Index, although heavily weighted in 5-8 stocks is the sentiment reading on the strength of the buyers. The current small range for the Week indicates the market remains in balance. Also, the current
READ MOREXJO WEEKLY Price structure: Weak advance. An inside range for the week with the close well off the high shows a lack of commitment from the Bullish side. This small resistance level may provide further headwinds in the coming trading week. The importance of resistance levels in the Index underscores market sentiment and should not
READ MOREXJO WEEKLY Price structure: Weak advance. And advance during the week with the close well off the high shows a lack of commitment from the Bullish side. The current Weekly closing price remains within the larger range between support at 6930 and resistance of 7370. The index remains in a downward movement. A weekly close
READ MOREXJO WEEKLY Price structure: Balance following a Bullish Outside range. Last week the XJO closed in “balance” following a rise earlier in the week, this remains a bullish signal flowing the Pivot point from the week prior. This week an immediate rise in the Index could be expected. A closing price over the 6988 level
READ MOREXJO WEEKLY Price structure: Bullish Outside range. From a very Bearish view on the break of a major support level, the Index has posted a Bullish outside range up close (OPu). With the close currently at an important resistance level, the price direction this week will be the driver for the coming weeks. Although too
READ MOREXJO WEEKLY Price structure: MAJOR Support broken. With a breakdown below an important support level of 6930, the index now enters a bear market with a Primary downtrend in place. Major support remains at 6400 should price weakness persist. With the month of October closing negative the statistical outcome will be a further decline into
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: USD/JPY Exploring Space North of ¥150.00 Daily Timeframe – Following yesterday’s close above the widely watched ¥150.00 psychological level, we have seen the currency pair retest the upper boundary of this
READ MOREXJO WEEKLY Price structure: Remains Bullish above 6390 The Weekly chart of the XJO shows the side-by-side body indicating a bullish reversal underway, with a close over the 7000-point level a positive. Although the Index remains within a sideway channel with 6930 as the key support level, the breakdown 2 weeks ago was met with
READ MOREXJO WEEKLY Price structure: Remains Bullish Last week’s “fake out “ low remains a very positive signal for a rally from this level. The retest of the 6930 has been discussed in the past weeks. Historically October remains a bullish month, with a closing price over this current fake-out bar high in the 7030 range
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