Planet Wealth - Australian Stock Market Education » XAO Downtrend http://planetwealthblog.com.au We are a stockmarket investment company that educates people on the strategies we use to create both income and capital growth. Fri, 23 Dec 2011 00:20:36 +0000 en hourly 1 http://wordpress.org/?v=3.1.1 XAO Downtrend http://planetwealthblog.com.au/xao-downtrend/ http://planetwealthblog.com.au/xao-downtrend/#comments Mon, 26 Jan 2009 13:32:08 +0000 Planet Wealth http://planetwealthblog.com.au/?p=257
XAO Downtrend

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 short 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)

230109 xao2 XAO Downtrend

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