The XJO is expected to edge higher on open this morning in what is expected to be another lacklustre day of trading. The U.S was closed overnight due to thanksgiving. Their futures closed flat, and they remain flat this morning. All of which provides no leads for our market.
Yesterday we sold off to roughly 7,030 which has been the bottom of the recent consolidation range. Our open this morning should rebound from that support and continue the sideward march.
It should be a fairly quiet end to the week. Hopefully next week we see more action. If the U.S continues higher we should go on to test the top of the range again and potentially break through. However, if the U.S pulls back on perhaps some much deserved profit taking, then our market should find some keen support at 6,950 to 7,030.
US Markets
US shares were closed overnight for Thanksgiving. US markets will trade tonight for a shortened session. Futures for US markets closed very slightly higher.
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Advisor at TradersCircle and Emerald Financial
Joining the team at TradersCircle in 2011, Karo has extensive experience in both investing education and derivatives trading.
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