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January 19, 2004
These extracts from my daily trading diary are
for educational purposes and should not be interpreted as
investment advice. Full terms and conditions can be found at
of Use .
The All Ordinaries rallied to test resistance at 3320, but
selling pressure forced a close back at 3312 on strong volume.
The index is consolidating in a narrow range between 3293 and
3320; a bullish sign in an up-trend. a break below support at
3293 would be bearish, signaling a likely re-test of support at
Short-term: Bullish above 3320. Bearish below 3293.
On the 3-year chart, the All Ords is consolidating between 3320
and 3160. A break above 3320 will signal a likely re-test of the
previous highs at 3425 and 3440. The primary trend is up but will
reverse if there is a fall below 3160 (the October 1
Twiggs Money Flow (100) has leveled out but is still bearish
after a large divergence
.Intermediate term: Bullish above 3320. Bearish below
Long-term: Bearish below 3160.
West Australian Newspapers [WAN]
Last covered October 20, 2003
WAN is in a fast up-trend, consolidating twice without correcting
back to test support at the previous peaks. The stock is now
approaching the target of 6.80; the 10-year high. Twiggs Money
flow (100) displays a bearish divergence, signaling potential
Today's bar shows a false break above 6.80. The rally was pushed
back to close below the 6.65 resistance level, on surprisingly
low volume. We should expect a fair amount of profit-taking near
the 6.80 level.
Relative Strength (price ratio: xao) is still above its support
Short-term support is at 6.50; intermediate at 6.25; and
long-term at 5.80.
Resistance is at 6.65 and 6.80. At present, 6.80 appears to be
the stronger barrier.
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