Another Day, Another Ramp Up

The XJO continues to power on, notching up its fourth gain in five days. The hourly chart shows the price action still lingering around the resistance of the channel after briefly piercing through.

On the daily chart with today's close, the price action is threatening to move out of the uptrending channel. There is still solid MACD momentum for bulls for the time being. The stochastics may be telling a different story, with levels appearing highly overbought and a sell signal from a crossover perhaps imminent. However, bears will give less weighting to this signal as it has not provided any return since October last year, as the XJO has been in a strong trend.