S&P/ASX 200 turned back from around its 61.8% retracement level, which I have mentioned in last week. Looks like S&P/ASX is moving in an upward channel so it may take time to test 4300 level. Its last day’s closing was good and if it continues that then we may see more upward moves but for that it needs to break its initial resistance level at just above 4200 level.
S&P/ASX needs to maintain 4150 level in earlier days but as it is making higher highs and higher lows so I will be worried about the downside when it breaks 4050 level. If it goes higher earlier days of the coming week then we may see little correction days in later periods of the coming week.
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