The ASX 200 retracement is testing support at 5300. Rising 21-day Twiggs Money Flow indicates medium-term buying pressure. Recovery above 5380 would suggest an advance to 5850*. A declining Shanghai Composite could impact on the resources sector. Reversal below the October 2013 low of 5150 is not likely, but would be cause for concern.
* Target calculation: 5450 + ( 5450 – 5050 ) = 5850