Thursday ASX Update

By Colin Twiggs
August 24, 2006 3:37 a.m. ET  (5:37 p.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 fell back sharply through the new support level at 5000 on strong volume, with weak closes on Monday [M] and Wednesday [W] warning of resistance. Expect some support at 4900, but the breakout reversal is likely to elicit a strong bear reaction -- and a test of primary support at 4800. Twiggs Money Flow (21-day) is close to zero, signaling uncertainty.

For more background information, read About the Trading Diary.