See charts below with an On Balance Volume indicator and the Money Flow Indicator using a 13 period
Not much to say this week. It's a game of wait and see. Obviously the thought of higher rates from the RBA in August did not help the sentiment this week. Price dropped down to the blue dotted support line and then bounced back up. There is a glimmer of hope from the U.S. as the Russell 2000 continues to show some support. I talked about that over the last few weeks - and this week the trend continues of the Nasdaq falling but the Russell rising. Anomally? Or rotation from big tech to the broader market?
If the XAO tracks the Russell as it historically does we may have a better week but sentiment is waning.
I remain positive until the charts show a clear breakdown. At the moment they are hanging in there.
Regards
Peter