(Click on the above chart to see a bigger version.)

This week, the Daily MACD broke above the Zero line and above its signal line. RSI and Williams %R are both above their midlines. RSI has broken above the 60 level which, in the past few months, has been a critical level demarcating up and down trends. A break above the current resistance level seems likely which means that a test of the bull rally high set in mid-October seems assured.

Conclusion: The XAO remains in its sideways consolidation but the RSI is suggesting further upward movement. Given the seasonal bias to the upside, a test of the mid-October high seems likely.