The Daily Chart for the XJO index (ASX 200) suggests that an uptrend has emerged, carrying the index to a new high, well up on the resistance level (4120) of the trading range of the past month. The expectation is that 4120 should now act as support if the uptrend is strong, but this emerging uptrend on the daily chart would still be intact so long as the next low is higher than the last at about 4000.
Relative Strength Index (RSI) has also moved into positive territory confirming more positive sentiment is emerging.
Categories: Trading opinion, Uncategorized
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