The next target for bulls will be a close above 5,025, the peak reached in April 2010, and a weekly close which remains above 5,000 - in the previous five failed attempts at 5,000, the XJO failed to register a weekly close above 5,000.
Wednesday 13 February 2013
Conquering 5,000
The XJO was boosted by a healthy result by CBA, which seemed to galvanise the rest of the banks today into lifting the index above the psychologically important 5,000 level. It was the XJO's sixth attempt at cracking 5,000 since October 2009. Whilst we will have to wait to see whether it is successful, it proves us wrong in saying that this week's upside would be potentially capped back at around 4,969, with the strong upswing today having bears scampering for the exits for now.
The next target for bulls will be a close above 5,025, the peak reached in April 2010, and a weekly close which remains above 5,000 - in the previous five failed attempts at 5,000, the XJO failed to register a weekly close above 5,000.
The next target for bulls will be a close above 5,025, the peak reached in April 2010, and a weekly close which remains above 5,000 - in the previous five failed attempts at 5,000, the XJO failed to register a weekly close above 5,000.
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