Market focus, May 3, 2013

XJO makes a higher high tgo resume upward trend

XJO makes a higher high tgo resume upward trend

The Past Week

The previous week finished with  a gravestone Doji indicating  uncertainty about future direction. After the strong 165 point gain for that week, one might well have expected the index to retreat this week. Instead the XJO continued to gain ground on Monday and Tuesday to reach 5195.1,  a higher high than that attained on March 12, 2013 ( 5163.5) by 32 points. At this level, sellers exceeded the buying support, and the index fell to a close of 5097.5 for a net gain for the week of 32 points. The week again finished on Friday with another gravestone Doji.


The Coming Week


A higher high is bullish in suggesting that the upward trend may be about to resume. However the break-out from the trading range was hardly convincing and it is likely that the coming week could see lower prices within the trading range.


Categories: Chart Analyses, Technical Analysis, Trading opinion

Tags: ,

2 replies

  1. Thanks for letting me camp out in your blog for a little while today. I had a great time and tried to leave my campsite as good as when I arrived. I’ll be back!

  2. I usually don’t respond to messages, but on this case. WoW:)

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