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.

Thursday, July 14, 2011

All Ords signals an intent to reverse

Having held at the support level of 4560, the All Ords made a potential candlestick reversal pattern Thursday - an "engulfing bearish" candle. A positive opening on Friday (particularly taking out today's high of 4584) would indicate the market is attempting to mount a rally possibly to around 4750. A close tomorrow below today's low (4537) should mean lower prices next week. A close below the June 27 low of 4508 would be particularly bearish.
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