XMJ still very bullish
The XMJ has made a strong recovery from the low.
This Weekly chart shows 2 resistance levels broken with 10750 in sight.
Possibly a benefit of the weak AUD but more to do with cost cutting and reduced project Cap expenditure.
Trader should be using strong trend analysis and select equities within this space that are trending with the market.
China PMI continues with a print at 50.7
Comments from 29th January.
The XMJ has set a double bottom at 8270 points, the price target from the breakdown of 9475 has been met.
Resistance on the way up will be 8877 and breakdown level of 9475.
On the 19th of December the Bullish divergence of the RSI was discussed, this WEEKLY chart shows further evidence that supports the recovery on the materials sector in the short term.