June 19, 2009
XAO Now in an Up Trend Channel
By Planet Wealth
April saw the XAO break the 12 month down trend. Where is the next significant resistance we are likely to see a pull back.
After breaking through resistance at 3700 and the 12 month down trend, the XAO has now formed an up trend channel. The next major resistance is an intersection of the over all bear trend that started in October 2007 and a significant resistance line on the weekly.
This intersection meets at 4250. It is likely this resistance will be retested and there maybe a pull back. A breach of this will see 4700 as the next resistance and possibly the confirmation of a Bull Market.
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Topics: Stock Charts, Technical Analysis | No Comments »
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