I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Tuesday, October 12, 2010

All Ords closes above resistance

After nearly a month of prevarication, the All Ords finally closed above the upper range of resistance - not to mention having clearly crossed above the down-sloping trend line. Needless to say this is a good sign for those of you holding long positons. The old resistance should now act as support and there's now not much to suggest the market won't reach 5000 or so. That should take about a month from now. If there is any change in that view I will let you know.
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