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3 years ago

Weekly Report: 4th MAY 2015:

 

30/ March /2105
The Index has pushed to  a new closing high from the call on the 17th. With the opening of the 30th retesting the “mid level”
Last week closing down (16) suggests a top in place with Weekly support at 5870. Followed by 5720.

7 /April / 2015

With the RBA decision to “hold” interest rates the “Risk” trade has brought the Index off the high and looking to retest 5870 again, intraday.
The Weekly chart shown is forming a consolidation pattern, however this does not look bearish or a market top as yet.
A break of the supporting line around 5870 would be a very bearish signal.
Primary trend is UP.

13th / April / 2015

Ready to break out a very strong candle from last week. The 6200 price target remains intact. The 5870 level in intact.
Primary trend is UP.
The real test is to see if a break of 6000 points can hold this week.

27th / April / 2015

Again testing the upper resistance level of the Index at 5980.
This week there is support for the financials and the resources and this should provide enough interest to push the Index over 6000.
5870 is now very clear closing price support.

4th  / May /2015
What a difference a few days make.. From immanent breakout to failure and a multi week low.
Therein lies the story of the Index,
News comments about Australia’s credit worthiness and potential capital raisings in the banking sector.
Volatility rules for now.
Index requires a breakout either way:-  this “Index” does not equate to many of the stocks within the market, new highs are being made by many
smaller industrials and telecoms and healthcare.

XJO Weekly

 


 

 

 


 

 

 

 

 

This is the culprit Seasonal weakness in the Financial sector XFJ. This weakness will pass always does as indicated by the “Trend” of the Chart.

XFJ seasonal