Australia: ASX 200

By Colin Twiggs
August 8th, 2012 1:00 a.m. ET (3:00 p.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.

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

Poll: Do you trust High Frequency Trading?

Asia: India recovering but China & Japan bearish

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.

	Australia: ASX 200 By Colin Twiggs August 8th, 2012 1:00 a.m. ET (3:00 p.m. AET) These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use. 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 Poll: Do you trust High Frequency Trading? Asia: India recovering but China & Japan bearish 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.	Share: A+ A− FREE 12-month subscription to The Patient Investor Get the insights you need to stay ahead in financial markets when you sign up to Incredible Charts premium service by 31 December. Start Now Incredible Charts Try our popular premium stock charting software, with proprietary trading tools and powerful stock screens. More than 420K downloads Suitable for Windows 10 & 11 Start with a 5-day Free Trial Download Premium Web Charts Premium cross-platform web charts with proprietary trading tools and powerful stock screens. No downloads or installation required. Suitable for Windows, macOS, and Linux operating systems. 5-day Free Trial Trading Diary Free education, with technical updates and macro outlook. Join Now
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