Australia All Ordinaries Index: Sell

With the new and significantly lower peak below the cloud resistance, focus is fully on lower levels. For the near term the 6000-zone offers some minor support but on a 2-3 month basis we expect to see levels as low as 5740 and 5714 (projection and pivot cluster).

  • Long term trend: neutral (negative < 6000)
  • Outlook:┬ádeep correction, probable long-term bearish reversal
  • Strategy: exit-long and/or short-entry
  • Support: 6000 / 5740* / 5714
  • Resistance: 6345 / 6465+
  • Major shift in sentiment: below 6000

Daily chart Australia All Ordinaries Index