Today's action was strong with the XAO up +1.3% on reasonable volume (although just a little below the 50-Day Average). The Index closed at 4633, close to resistance at 4800 and right at the 50-Day Moving Average. So it may be getting close to the end of a short term uptrend turning point. The Slow Stochastic has turned below its signal line but is still above the 80 line.
No negative divergences appear on the significant indicators. So, any consolidation at resistance may resolve to the upside.
The 50-Leaders are short-term overbought and showing negative divergence. So this confirms the possibility of a short term consolidation/retracement.
The charts are, however, looking strong. And little sign of the possibility of a significant fall.
Cheers
Red
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