On 10 April, the Australian ASX 200 index encountered resistance near the round 5500 level. The ensuing pullback took valuations back beneath the October-March ceiling. Still, the 'bull trap' reaction proved to be brief, with support arriving around 5360; at the 50-day moving average.
Today's session saw the market renew the advance towards next serious chart resistance at the May 2008 peak at 5980.8. A long trade is opened, with the stop placed at 5250 for now.