The XJO finally managed to close above 4,800, placing it
above the medium term resistance line trending from mid last year. The possible
pullback that we flagged that may happen this week seems to be elusive, and with
the XJO now on a current seven-day winning streak, we may only see a retest of
4,800 to see if it truly holds.
The current picture now appears to give the XJO
shot at reaching the full 100% retracement of 4,969 set back in the highs of
April 2011. Movement on the MACD also continues to move in the right direction
for bulls. Bears will require a quick breakdown from current levels to stop the
positive momentum.
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