Index and Commodities Trading Week Beginning 09/09/2024
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- September 8, 2024
XJO WEEKLY Price structure: Outside range. The XJO Weekly chart has set an “outside period” with a long-range bar high to low. Using the Haguro method this type of bar (#9) with a lower wick exposed is identified as a turning point bar when found in a high price area following the August low point.
READ MOREXJO WEEKLY Price structure: Closing all time high. The Weekly chart shows another small range low to high advance, the current close at a Weekly all-time high is an important observation as no broad profit taking has taken place indicating sentiment remains strong. Current observable price rejection (FO) still remains from above the 8083 level.
READ MOREXJO WEEKLY Price structure: All time high on the close. The Weekly chart shows a small range low to high advance, the current close at an all-time high is an important observation as no broad profit taking has taken place. Current observable price rejection remains above the 8083 level. This week key support remains above the
READ MOREXJO WEEKLY Price structure: Testing for a breakout. Last week the XJO set a solid range low to high to close just below the Weekly all time high closing value of 7971 points and above the key 7910 resistance level. This is a very Bullish setup for further gains with 8500 points the upside target.
READ MOREXJO WEEKLY Price structure: Testing support 3 times. The XJO Index now shows 3 spike low points testing the 7632 level. With support building at this level, a further breakout higher with potential to retest the 8148 level . The Australian reporting session gets underway this week, this will be the sentiment driver over the
READ MOREXJO WEEKLY Price structure: Testing support Last week the Index set a new all time high with immediate rejection back towards the 7910 support level. This type of Fake out (FO) or Bull trap where the nearby high of Three weeks ago is breached with immediate rejection is now a developed Bearish pattern that can result
READ MOREXJO WEEKLY Price structure: Bullish support Following the inverted hammer bar 2 weeks ago, further high price rejection saw the Index (market) trade lower below the key 7910 level. However, the close of last week remained above this key level and above 50% of the whole weekly range, high to low. This is a bullish
READ MOREXJO WEEKLY Price structure: Rejection With the Index setting a new high, selling has closed the week with a rejection “inverted Hammer” bar showing. Importantly the close remains at an all-time high, suggesting some profit taking has taken place not a committed sell. The past resistance level of 7910 is now the support level for
READ MOREXJO WEEKLY Price structure: Primary Trend breakout From consolidation comes the Bullish breakout, the close in the high section of the range indicates a committed move from the buyers. The week posted a strong range low to high over the previous “inside period” (IPu) and remains larger than recent ranges contained within the 6 month
READ MOREXJO WEEKLY Price structure: Consolidation pattern remains Last week the Index set a higher low and closed the week at the high range, although an Inside Period (IPu) the outlook remains bullish for a retest of the 7910 resistance level. With 23 weeks of trading above the 7632 level, within a 278 point range, the
READ MOREXJO WEEKLY Price structure: Consolidation remains The month of July historically remains a bullish month for equities, with an over 90% potential outcome for the Index to end higher for the month. However, history shows that the month often has significant declines in the 1st and 2nd weeks. Currently, the XJO 200 remains in consolidation, with
READ MOREXJO WEEKLY Price structure: Consolidation remains There is further consolidation in the Weekly chart as the Index remains between 7632 support and 7910 resistance. This period of consolidation does not change the current UP trend. It remains a bullish consolidation above support. Based on the current range low to high, the expectation is for a breakout
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