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Australia 200 - Runs Into Resistance At 5800 Again

By Stuart McPhee

Australia 200 for Friday, February 6, 2015

In the last few weeks, the Australian 200 index has done very well and surged higher to move back above the key 5400 level to reach a new six-year high just above 5800 in the last couple of days. Since that time, it has just eased back a little. For a few days during last week, the resistance at 5500 stood tall and fended off all advances; however, this has 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… Read More …