S&P/ASX 200 has not shown any trend this week, neither it tried to test 3985 level in the downside nor it tested 4122 in the upside. So I am maintaining same levels of past week.
Now one thing looks good about S&P/ASX 200 that it is making a very short-term positive pattern which can take it around 4250 level but for that it needs to break the 4122 level (4162 is its 38.2% retracement level) which it failed to break during last few weeks. Considering its over-sold position it does not look like that S&P/ASX 200 is going to face big corrections in coming days, in fact there is more chance that it may test higher levels.
In the downside it is not showing any bearish pattern but if S&P/ASX 200 drops more than 3985 then it may be making a bearish trend, especially considering its recent lows.
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