The XAO had a small rise today, up +0.38%. Most of that was in afternoon trade which is usually positive.The Slow Stochastic has turned up above its signal line but needs to close above 20.
RSI ticked up but needs to close above its mid-line.
MACD histogram ticked up.
The chart made a new 20-Day Low - that's often an area where an index or stock reverses to the upside.
I need to see better action to be confident that this market will reverse to the upside.
Commentators/bloggers on the market are showing a great deal of fear. Many are predicting that the market has now reversed to the downside. As a contrarian, that gives me confidence that the worst of this downturn may be close to an end. But until I see the indicators turn up and confirm an upturn, I'll sit on the sideline.
Stocks of Interest today were:
IAG: Broke above its short term downtrend line and the MACD Histogram ticked up. The RSI bounced off its mid-line and the Slow Stochastic has a bullish profile.
SHL: The AGM was held today and the market reaction was very positive. The stock was up over +5% on high volume and set a new 20-Day High. The stock is back above the 150-Day Moving Average for the first time since April, 2010. The stock has been in a trading range for about two months and now seems to have broken upwards out of that range. Another day up is needed to confirm. It looks good to me - but that's just my opinion. Do your own research.
Good luck
Red
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