No buying let-up in the lead-up to Australia Day
Next target – 5000 resistance level
The 64 point lift in the XJO this week continued the upwards momentum of the Australian market.
The close and high for the week was 4835.2. At the present trending incline, the important 5000 resistance level is likely to be reached by the end of February.
Although the RSI is in overbought territory, buyers are undeterred by present prices, and will continue to look for growth opportunities.
The big winner for the week has been Linc Energy after reporting a massive shale oil and gas discovery in the Archaringa Basin of South Australia estimated at between3.5 and 233 billion barrels of oil.
Categories: Chart Analyses
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