Monday ASX Update

By Colin Twiggs
August 28, 2006 04:10 a.m. ET (18:10 a.m. AET)

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 Terms of Use. Your feedback is greatly appreciated.

ASX Australia

The All Ordinaries retraced to test resistance at 5000, today's doji candle [M] indicating that resistance is likely to hold. A fall below Thursday's low of 4960 would confirm this. Expect some support at 4880/4900, but a test of primary support at 4800 is equally likely. Though less likely, a close above 5000 would signal a test of 5100. Twiggs Money Flow (21-day) is headed for another test of the zero line; the outcome will signal future direction.

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