S&P/ASX 200 is still maintaining the upward channel and as I was expecting, still it does not able to cross 4300. I think that in coming week it may go to test the lower levels of around 4150, provided it crosses important level of 4200 in the downside. If S&P/ASX still maintains higher highs and higher lows then I don’t feel that will drop more that 4150 (or better to say near about 4120-4130 level). Here I must say that I will be worried about the downside or any bearish pattern when it breaks 4050 level.
S&P/ASX 200 has more or less fulfill its bullish patter which I was talking during last few weeks but still if it able to maintain its support at around 4200 then more up moves may come in coming week. 4300 is an important level for S&P/ASX, considering the past history I cannot rule out flat movements near that level.
NOTE: Please see the disclaimer of this blog.
Due to some problem I am giving this week’s postings much earlier and in tomorrow, if I able to give stock market review then I will post there if I have to do any change on this.