The All Ordinaries index appeared to hold the breakout of the previous week with a relatively minor pullback during the week of 0.82% and a close above the new level of support. The tail at the level of support on Friday indicates there was demand at this level, however as we see today, this demand has all but disappeared, and the index looks set for a correction, which could take it back into the lows of the previous trading range.
The All Ordinaries is back within striking distance of all-time highs, adding 0.9% during the week ending 20 September 2019. All industry groups participated in the gains. However, ultimately, the big miners and banks dictate index performance, and they have been on the up. The Energy sector was the most significant contributor to performance during … Read more