Australian Stock Market Is On the Downside

The Australian stock market, as measured by the All Ordinaries (^AORD), is headed toward a key support zone between 5,600 and 4,800 (pink area on chart). The index closed at 5,799.40 on January 18, 2008. It is down 15.38 percent from the peak of 6,853.6 set on November 1, 2007.

The All Ordinaries is heavy weighted with mining and energy stocks so its decline suggests that those sectors are weakening.

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Posted January 19, 2008.