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.

Wednesday, July 6, 2011

All Ords, Dow right on resistance

The All Ords is right on the first level of resistance after a handy little rally. Those who bought in at the lows in late June have obviously been taking profits at these levels. The All Ords has now made a candlestick reversal pattern on the daily chart, so it should now turn to correct the rally. If it keeps pushing up though, it should find greater resistance at 4800 (XAO). However, if it does turn here as it is threatening to do, it could one of two things. The correction could be quick before it turns to strive for the next resistance level at 4800 or it could continue down to test the June lows - and beyond. We should know over the next couple of days.

The Dow is also right on resistance but the support for any correction on the Dow is not that far away at around 12,300.
Posted by

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)