A More Optimistic Note for the ASX 200

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

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: