May 11, 2009
Bullish Candle For XAO
By Planet Wealth
This week the XAO closed with a bullish candle above the resistance it has been struggling at for the last 4 weeks and has now made a major Higher Peak (HP) indicating the Bulls are trying to take control.
Now sitting at the nest resistance level of 3950 a break through here would indicate a run to 4250. A respect of the current resistance would complete the Higher Peak and likely see a retracement of 62%, the next support level of 3300, possibly giving enough to support a Higher Trough (HT), confirming buyers in control.
But if a pull back occurs at the current resistance and the 62% retracement fails to give support to a HT, the market is now in conflict and neither buyers nor seller are in control.
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Topics: candlesticks | No Comments »
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