All Ordinaries Index faces strong resistance at 5428 | Gary Glover | Finance News Network

All Ordinaries Index faces strong resistance at 5428

by Gary Glover

The All Ordinaries is showing strong resistance at the 5428 region.  Historically the 50% and 61.8% Fibonacci retracement levels are very important resistant points.
It took the index three attempts to the break the 50% retracement level (4982) after finding resistance at this point in 2010 and 2011.  On both occasions it had a strong reaction at this resistance point and therefore we could see a simialr reaction at the important 5428 region.

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