Monday ASX Update
By Colin Twiggs
August 28, 2006 04:10 a.m. ET (18:10 a.m. AET)
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.
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.
For more background information, read About
the Trading Diary.