XAO.The very short term overbought condition of the XAO as measured by the RSI.2 was relieved by yesterday's negative day (down -0.5%). The short-term condition as measured by the Slow Stochastic (14.3) is still in the overbought range above 80. I believe caution should be exercised about new entries until this overbought condition is worked off.
Gold in Ozzie Dollars fell last night in the U.S. by -1.05%. Today, that will probably take the chart of the Gold ETF below the 13-Day SMA and below a key horizontal support level (see chart on last night's blog). I took profits on this stock some days ago; but, if I was still holding, I'd certainly be out today.
The action in the Gold ETF is a positive for the general market. Both were down significantly yesterday - it is uncommon for the two to trade in tandem.
I'm expecting a reasonable day on the XAO today.
Cheers
Red
No comments:
Post a Comment