Australia: ASX 200
By Colin Twiggs
August 8th, 2012 1:00 a.m. ET (3:00 p.m. AET)
The ASX 200 broke short-term resistance at 4290, indicating an advance to 4360. Retracement that respects support at 4290/4300 would confirm breakout from the trend channel and an advance to 4450. Rising 21-day Twiggs Money flow indicates medium-term buying pressure. In the longer term, breakout above 4450 would signal a primary advance to the 2011 high at 4950.
* Target calculation: 4290 + ( 4290 - 4220 ) = 4360
The most important thing in the Olympic Games is not winning but taking part;
the essential thing in life is not conquering but fighting well.
~ Who said this? See The Olympic Spirit.