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Australia 200 Runs Into Resistance At 5650

By Stuart McPhee

Australia 200 for Tuesday, February 3, 2015

In the last couple of weeks the Australian 200 index has done well and surged higher to move back above the key 5400 level to a four month high above 5600. It now has eyes on the longer term resistance level of 5650 which is looming above and has already provided some resistance. For a few days during last week, the resistance at 5500 stood tall and fended off all advances, however this now been broken strongly through. The recent move higher from below 5300 to above the key level of 5400 is important as it desperately tries to hang on to this important trading range for the index above 5400. In the week prior, the Australia 200 Index eased back again under the 5400 level after making numerous attempts to clear it over the last month, which saw it drop to a three week low below 5250 before its recent surge…