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S&P/ASX 200 forecast for coming week ended 24th August, 2012.

There was an expectation that if S&P/ASX 200 maintains 4270 level then it may test 4350 level in the upside. Now I need confirmation whether it able to stay in this level. Around 4400-4450 level has act as a good resistance in past so even if it maintains this 4350 level it will be hard to say that S&P/ASX  is going to break that stronger resistance. Here I must say that during last 1year it has tried many times to cross that resistance level so this time things may turn-around as some of the technical indicators are also showing that opportunity.

On the other hand S&P/ASX 200 is showing upside trend from June and considering the stronger resistance level of 4400-4450, correction is due and that chance will be more in later periods of the coming week.

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