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The XAO rose convincingly this week although Friday made a reversal candle – suggesting next week could open lower. Price broke above 6125 making a higher high after a lower low, a very positive. signal suggesting price is now more likely to rise than fall. However, the outlook remains unclear because of virus concerns. My view is price will go higher but expect regular retracements along the way. As noted in previous weeks, if price can break the previous high around 6311, then 7000 is on the cards.

No buy or sells this week.


Robert Norman

Phone: 0428 346 951

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