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.

Monday, October 24, 2011

All Ords to make another run at resistance

With the All Ords having got back into oversold territory on the Stochastic, and today's move giving a candlestick buy signal, we are set to test resistance again. First we need to get through the downsloping trendline which knocked the market back last week. We are right on that trendline now so don't be surprised to see a pause here. The yellow ellipse resistance (4375) is now not as relevant as it was last week. The real resistance lies around 4500 or just under that. I suspect there are lots of sellers ready to push the button at that level.
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