I was expecting S&P/ASX 200 to go upside in later period of this week but it failed to cross 4350 level in the upside, though it is good to see that it gets support around 4300 level. Now I am not sure about its moves in coming week but if it able to cross 4350 level in the upside then we may see better days but I want it to stay above 4350 level in later days of the coming week so that S&P/ASX able to continue the bullish trend which it is showing during last few months.
But if it failed to stay above 4300 level then its initial support is at 4250 and if it breaks that then next support is at below 4200.
I am still positive about the medium term outlook of S&P/ASX considering its lower lows which it is making during last 12-13 months and it may breaks-out from that at around 4500 level. I will move away from this bullish approach if S&P/ASX breaks around 3850 level in the downside.
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