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 index put in another solid week with a performance of +1.52% which was a follow-through from the prior week’s breakout. Strong appreciation in the Energy, Information Technology and Industrials sectors drove the robust result. All sector indices contributed positive performance for the week except the Communications sector, which fell 1.85% driven in … Read more