Giralia shareholders cash out

A massive +$60 million in value of Giralia shares changed hands today. That's the largest one-day turnover of shares in Giralia ever - by a long way. Volume spikes often occur at the top of the market in smaller companies. Could this be the top for Giralia? This chart illustrates the spike.

BHP weekly breaks trendline on RSI
In yesterday's post I mentioned the BHP weekly chart shows divergence between the price chart and the RSI Indicator. Today, the RSI Indicator broke a trendline which shows there may be further declines ahead. That could mean lower prices for resources generally.

But is RIO leading the way down?
RIO broke its trendline on the RSI Indicator back in December.

XAO Indicator still blue, but . . .

The XAO Indicator turned blue in early September and remains so. Its my experience that the best gains in individual stocks occur when the XAO Indicator is blue. It is also my experience that the penny stocks don't really take off until after the broader market has been rising for a while i.e until the XAO Indicator has been blue for a month or two. The past month or so has seen dramatic rises in the penny stocks. Could we be heading for a blow-off top? Below are three charts. One is the All Ords showing the XAO Indicator, the second is BHP daily and the third is BHP weekly. The BHP weekly is showing divergence on the RSI Indicator. This warning sign rarely fails. If it is correct, BHP is headed for a correction. If BHP falls so will the rest of the market including - eventually - the penny stocks.