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, October 6, 2011

All Ords takes first positive step

Today the All Ords finally broke out of a narrow, down-sloping channel which began at the beginning of September. That's the first - and minimum - step to changing trend. The trendline is not a signficant one being only a parallel line to the bigger trendline sloping down starting on 22 July. The line I would like to see broken is the next one up which provides resistance at around 4200 (XAO). And there is an ellipse resistance at that level also. So I would say the bears will have another go at around the 4165 to 4200 zone. How the market behaves when it reaches that zone will indicate what this market really wants to do next.
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