Australian All Ordinaries Faces Resistance

The Australian All Ordinaries (^AORD) is testing its old high. The index of 491 Australian stocks faces resistance at 5,318, the all-time high set on May 11, 2006. If it breaks through this resistance level, the index would continue to make new highs. However, if a double top forms, the index would head to the downside.

Related Articles:

Australian All Ordinaries Tracks Commodity Prices
Australian Stock Market Is On the Upside
Price Patterns - A Double Top Signals a Downside
Price Patterns - Resistance Levels Are Barriers to Price Upsides

Posted October 26, 2006.