Nothing much has changed from yesterday, despite the modest rise on the XJO (ASX200) today +0.49%.The Index remains at a critical resistance area. The Stochastic is oversold. The RSI, while not extreme, is at a level which would be considered seriously overbought in a bear market rally. In a bull market, however, it suggests more upward movement.
The quality of the inevitable market retracement will decide the future of this market.
In the short term, I can't see much more upside from here. But, you never never know. :)
Good luck
Red
Redbacka, from the chart it the stochs are 96.37. Above 80 does this not indicate it is overbought and below 20 oversold?
ReplyDeletethanks keep up the good work, follow it daily!