This is a daily candlestick chart (from Metastock) including the RSI Indicator. It is a chart of the XJO index, comprising the 200 largest stocks on the ASX by market capitalization.
It shows in greater detail I think, the technical patterns mentioned in the previous post which I have re-blogged from the redbackmarketreport, suggesting an emerging trend reversal.
An uptrend will be in place when the index exceeds 5710 with the next target at 6000, the previous resistance level of March and April.
It suggests that there could be better days ahead for Australian investors, but this will be conditional no doubt on positive profit results as the reporting season progresses.
Categories: Chart Review
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