Sat 26th July
Amid all of the global uncertainty over the last few weeks Aussie stocks have managed to carve out a significant bullish weekly close. Three key Aussie stock indices have made bullish new highs on closing for last week.
XAO: All Ordinaries: This index has stumbled along the 61.8% fib pull back level of the 2007-2009 major bear move for the last few months. The 5,520 level had been resistance here for the last few weeks but the index has now made a bullish weekly close above this level to finish at 5,574.23. The next obvious target appears to be the 78.6% fib level up near the 6,000 region:
XJO: S&P ASX 200: The story here is somewhat similar to that of the XJO. This index has also stumbled along the 61.8% fib pull back level of the 2007-2009 major bear move over the last few months. However, the 5,560 level had been the resistance level here over the last few weeks. This index has now also made a bullish weekly close above this resistance to finish at 5,583.51. The next obvious target appears to be the 78.6% fib level here too which is also up near the 6,000 region:
XSO: Aussie ‘small caps’ index: This index has been tracking along within a symmetrical triangle since the market lows of 2009. The index has now made a bullish weekly candle close up and out from this triangle pattern. I’ll be on the lookout for any continuation here and, then, for trading opportunities within the Aussie ‘small cap’ market sector:
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