Index and Commodities Trading Week Beginning 18/03/2024
- Featured Posts, Recent Posts, Technical Analysis, Technical Report
- March 17, 2024
XJO 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 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 MOREXJO WEEKLY Price structure: Bullish Weekly close The XJO has set a strong pivot reversal pattern from the 3-bar retracement, following consistent strength in Banks and large resources. This will be the third attempt at a new all-time high over the 7632 level. A breakout will set the Index into a Primary UP trend. Positive market
READ MOREXJO WEEKLY Price structure: Bullish Weekly close The Weekly chart of the XJO shows a bullish reversal bar with a close above the mid range of the overall bar. Wit the retest towards the 7200 low falling short it adds to the bullishness of the current run from the 6930 support level. Traders should look for
READ MOREXJO WEEKLY Price structure: Bullish Consolidation The week in balance is below the 7565 level without a retest towards the 7200 level. Further consolidation would be expected without an economic driver to influence market buying or selling. Consolidation in the form of a developing Bullish flag pattern in this “high place” remains bullish for further
READ MOREXJO WEEKLY Price structure: Consolidation Following the fluid movement up of the past 4 weeks the key reversal bar in the form an OPd (outside period) has started rejection from the all-time high level of 7632.0 points. The immediate expectation is for a retest of the 7200 level as a key activity and psychological level
READ MOREXJO 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
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