Well, for all those good little boys and girls who believe in Santa, he arrived this week on the Australian Stock Market, up for the week +2.42%.
The XAO is now at the top of its range and Indicators are bullish. MACD is above zero, and both the RSI and Williams %R are above their mid-lines.
At this stage I can't see any reason why this can't go higher. It's a seasonally positive time of year, and the Indicators above are not showing any negative divergences. So it looks like it will go higher.
I still have to do some further analysis, particularly on the 50 Leaders, which I suspect will indicate a short term overbought condition. But, that condition can stay overbought for some time under bullish conditions. However, that is jumping the gun. I'll look at that and post some additional material later today.
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