INDICATORS
The All Ordinaries Index (XAO)
Short Term (Daily):
MACD: Positive. New Buy Signal.
RSI: 66.8. Positive.
Slow Stochastic: 78.77. MACD Buys Signal negated by the negative cross below Slow Stochastic signal line.
Medium Term (Weekly):
MACD: Positive. Histogram shows a negative divergence from price.
RSI: 69.49. Positive. Right at the overbought level of 70.
Slow Stochastic: 76.03. Below its signal line and headed down. Negative
To summarise: This is not a market to be buying into. This is at best a “hold” market. The market is overbought and both Slow Stochastics are headed down in sync. Divergences on both MACDs suggest the next major move will be down.
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