I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Thursday, September 1, 2011

XAO Indicator turns blue but resistance looms

The XAO Indicator turned blue today but there is some decent resistance ahead. The All Ords has now retraced 50% of the decline from the April high. That's already solid resistance. Added to that we have a downsloping trendline from the April high that is about to come into play. And nearby, we have the ellipses produced by the software marking the resistance for the reaction rally. How all of this plays out remains to be seen but I will say this. If Friday's close remains above 4281 (the weekly high 3 weeks ago) I will be more bullish than bearish.
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