Australian Breakout
By Colin Twiggs
August 17, 2006 18:15 p.m. ET
August 17, 2006 18:15 p.m. ET
These extracts from my daily trading diary are for educational
purposes and should not be interpreted as investment advice.
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ASX Australia
The All Ordinaries broke through the top of the recent consolidation at 5000. This is a bullish sign and we can expect a test of 5100 shortly. A breakout above 5100 would confirm that the up-trend has resumed.
The All Ordinaries broke through the top of the recent consolidation at 5000. This is a bullish sign and we can expect a test of 5100 shortly. A breakout above 5100 would confirm that the up-trend has resumed.
Medium Term: A rise above 5100 would indicate that a
test of 5300 is likely.
Twiggs Money Flow (21-day) is rising, signaling
accumulation.
Long Term: The All Ordinaries is in a primary up-trend,
with support at 4800.
To sit home, read one's favorite paper, and
scoff at the misdeeds of the men who do things is easy, but it
is markedly ineffective. It is what evil men count upon the
good men's doing.
~ Theodore Roosevelt (1895).
~ Theodore Roosevelt (1895).
For more background information, read About
the Trading Diary.
Author: Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.