JKH has rallied from 148.00. Today's close was @ 156.00. But the way it closed was not ideally bullish. After going up 3.50 over the Friday's close, it was down 1.50. As such tomorrows performance is critical for it to move higher and test 160.00. Already it has increased 9.50 from 148.00, therefore testing 160 means that it would have gone up 12.00, which is an increase of 8.11% before cost. But good news for the bulls is that it is in an uptrend, and staying above 151 is good news for them. As for the Bears today's close is a KISS on the downward slope trend line plotted from the high of 165.00 and the next high of 158.90. Price must break it out, else the bears will have an upper hand. Staying above the upward trend line support is what I expect in the short term.
ComBank touched 148.00 but failed to close there. A critical symmetrical Triangle is positioned, which crosses each other @ 142.00,
and the lower high downward sloped trend line has been broken out. That
is very good for the bulls. A visible strong support is available at 140.00, whilst the symmetrical cross at 142.00 looks the short term support.
Performance of these 2 counters will be critical for the overall market's survival.
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