XJO down strongly today -0.66%.
The chart is in a symmetrical triangle. We need to see which way this breaks.
After that we need to see if near-term horizontal support/resistance breaks.
A break of the symmetrical triangle is a useful pointer, but we need to see follow-up break of horizontal support or resistance. They are the important lines.
As always we have winners and losers.
At this stage the sectors to avoid are Materials (XMJ) and Energy (XEJ).
Sectors which are showing relative improvement are: Telecoms (XTJ), Info.Tech (XIJ), Health (XHJ), Industrials (XNJ), Financials (XXJ), Property (XPJ).
Any sector below the 200-Day MA should be avoided. That cuts out XTJ, XXJ, XPJ.
XNJ is only marginally above its 200-Day MA – so it should be looked at very carefully before committing any funds.
That basically leaves Health (XHJ) and Info.Tech (XIJ) as viable vehicles.
(Do your own research before committing anything to a particular stock.)
Add to My Watchlist
What is My Watchlist?
