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 7, 2011

Will resistance continue to hold All Ords?

The All Ords continues to hover around resistance but is not falling. A close above 4687 (XAO) Friday or Monday would invalidate the candlestick sell signal of a couple of days ago and the All Ords will then probably head for the next resistance at around 4800. Last week, the weekly chart confirmed a candlestick reversal pattern so it's possible we have started a new significant up trend. In the meantime the foreshadowed resistance on the Dow does not seem to have held. Breaking through the ellipse resistance signals higher prices on the Dow although it will first have to get through signficant resistance at around 12,750.





















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