January 26, 2009
XAO Downtrend
By Planet Wealth
As expected the XAO continued down this week.
Monday was an up day that retested the resistance made by the flag. Once this line was respected the XAO spent the rest of the week heading down. There is now 3 consecutive Lower Peaks (LP) indicating the sellers now have control.
There is strong weekly support line at 3250. This week could produce a small term bounce off of this level. If this support is not respected and broken through the next support level is roughly 3000.
(click on image to enlarge)
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Topics: Fundamental Analysis, General Commentary, Technical Analysis | No Comments »
