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 13, 2011

All Ords finds potential support at 4560

4560 on the All Ords seems like a good level for shorts to take profits landing as it does right on the ellipse support. It might just make another attempt to rally from here. If it does the target would be around 4750 before it hits resistance again. Clearly though the bias is to the downside and the proper view of any rally is that it probably won't last and that ultimately we will test the late June lows - at least.
Today's price action is not a candlestick reversal pattern so there is no candlestick support for the above view although some large cap stocks I follow like BHP and ANZ did make potential candlestick reversal patterns today. On BHP for instance, a close tomorrow above yeterday's high of $43.91 would indicate a resumption of the rally.
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