Chart Watch 2008-05-29

XJO - S&P ASX 200



As displayed in my last post , the XJO was sitting right on a current trend line. This line has since been breached. XJO now lookig for support at the 100MA, and the 32.5% Fibonacci Retracement.

On the 5/4/2005 Colin Twiggs indicated potential resistance at the 5900-6000 level which looks to be playing out.

"The All Ordinaries broke above short-term resistance at 5450 on heavy volume and is headed for a test of resistance at 5900/6000. Resistance is expected to hold because of the bear market, but continued advances on strong volume would increase the chance of a breakout. "

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