Monday ASX Update

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

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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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