July 4, 2009
XOA Still Showing Bullish Signals
By Planet Wealth
The XAO this week, retraced any ground made up last week. Alot are wondering if the is a sign of the bull run ending.
The small term trend is still up and this has not yet been broken. The two significant Moving Averages (MAV) have crossed over to a bullish indication. It currently sits on an area of four major supports. A weekly support line, a six month up trend line and two MAVs. This is showing the odds are stacked in favour of a rebound and trend continuation next week.
But, there is a small head and shoulder pattern on the daily chart which is a bearish signal if the neckline is broken. If the head and shoulders pattern was confirmed it would be in the opposite direction to the current trend. This makes it less likely to be confirmed, but is still a possibility.
For the moment the charts are still indicating bullish.
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Topics: bullish signal, Stock Charts, Technical Analysis | No Comments »
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