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, November 3, 2011

We have reached support (of sorts)

There is support for the All Ords right here (4220) and the stochastic is back in oversold territory. So this is as good a place as any from which to mount a challenge to the significant resistance ahead (4450-4500). That is tough resistance and even if we do get through, we have the long-term downsloping trendline (drawn from Nov '07 high to Apr '11 high) starting to come into the picture at around 4700. If the support does not hold here, we could be in some trouble.
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