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.


Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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