The Relative strength Indicator (14) reflecting the underlying price momentum has moved higher over the 50-level indicating a change in momentum. A closing price below the 6800 level would indicate a breakdown in this current structure. A very supportive pattern for further gains. The midweek breakout to 7010 set a pivot reversal last Thursday as price retested the trendline with the lower shadow testing the up-trend line. XJO DAILY Price structure: Coming out of a base. As the market moves into the seasonal end of October, the November period is often a negative month, the 6620 level may come into play again. To build a primary UP trend a move over the 7200 level would be an important development. A close over this level and the Daily resistance of 7130 would be very bullish for further gains. Price momentum has turned to the upside indicated by the rising RSI, a further movement over the key 50 level would be very bullish.Ĭomments from Last week: The “midpoint” support level of 6620 remains in play with resistance of 6930 the immediate go to point for further gains.
Relative strength has again closed on the 50 level as part of the overall change in relative strength. Price reaching this level would indicate a breakout of the current down trend. The next level of resistance at 7200 remains the target in this current movement higher. The Weekly closing price has remained below the 6930-level following the price support level of 6620 remaining intact.
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