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Australia 200 break out

In an unusual one day move the Australia 200 index has traded straight up and through the 6,000 resistance level. This is a significant break out, and if the index holds above the level the next major up side target is at the ten year high around 6,375. Failure below 6,000 could see significant falls.

The move is fueled by gains in the finance sector after the release of the Royal Commission Inquiry report. ANZ, CBA, NAB ans WBC are up 4% - 8%. Resources are alos finding support after a lift in aluminium, oil, iron ore and nickel.

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