xtf_ze_trader

ASX:XJO reclaiming the trend line

Long
ASX:XJO   S&P/ASX 200 Index
ASX:XJO has had trouble in the last few days to keep the upward momentum(you can find more info in my last post about XJO ). But in this simplified chart, it seems it is back to claim its original trend line .
you can see the price is back up the blue trend line . it has come back to retest it and to keep the bullish sentiment it has to stay above this line and soon take over the 0.618 golden fib and the 200 SMA ( the red line).
Other bullish signals:
- price above 50MA
- velocity is positive
- the acceleration has turned positive

I will keep an eye on this chart and let you know where we stand. for the time being the trend is your friend.
Stay safe and have a profitable week. dont forget to smash the likes.
XTF

Comments

Agreed. I think its a healthy pullback to retest the triangle break but have to see more price actions to confirm, and if we see a full body day/weekly close above the 200 sma then that would mean more potential to the upside ?
+1 Reply
To me weekly candle closing above daily 200SMA will give more confidence to the bull run. But current price action is somehow bullish.
Reply
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