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From : International Equity Index Daily Hotline: 23 April 2014
Chart of the day: Aussie index resumes uptrend

 

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.

 






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