Australia ASX @ 4650

The All Ordinaries found support at 4600 and is rallying to test resistance at 4800. Breakout above 4800 would test the key resistance level at 5000*, while failure of support at 4600 would warn of a secondary correction — confirmed if 4500 is penetrated

ASX has been on a BUY since March 2009 with the Weekly 10ema(4647) > 20ema(4612)

Last 3 Months High 4898 Thur 15th October,  Low 4503 Thur 5th November


Current Month - High 4799 Wed 2nd December, Low 4598 Thursday 11th December



Last year the ASX bottomed on Tueday 23rd December @3494 and then continued to rise 8 days to 3818, up 326pts 9%. 2003 saw a similar rise over 8 days from Monday 22nd December @3233 to 3323 on 6th January 2004

Plan
Open Long position early next week at 4650 Stop 4590 Target 5068. Looking for 5600 by Friday 26th March

Use SPDR ASX200 STW  $45 to trade the Top 200 Australian companies. Target $53