May 31, 2009
XAO Short Term Resistance?
By Planet Wealth
The XAO had a honestly flat week this week, by gaining any losses and loosing any gains made.
There is a small pennant formed on the daily chart by the indecision of the buyers and sellers. Still being held up by the six month up trend line, the index is getting squeezed in by the small term resistance.
A break up this coming week would likely see a retest of 3900 and a break down is likely to see a retest of 3700.
Though The XAO has broken out and up of the 18 month down trend, a higher probability of maintaining the Bull run for the longer term would be a Higher Trough above the significant Moving Average (MAV).
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