S&P/ASX is still unable to break 4400 level which was frustrating this week, so there is not much change about its prediction from last week. I still think it has the probability to go past 4400 level as some technical indicators are not showing too much over-bought condition. But it is hard to specify exact timing.
During past 12-14 months S&P/ASX is making lower lows which also support the up moves. In the upside 4500 is the initial resistance and the bigger one is at 4600 level. In the medium term basis it has created a bullish pattern though it is not 100% accurate but if that pattern is true then S&P/ASX may go up to 4800 in coming future. So in coming week emphasis must be given on 4400 level.
On the other hand if it failed to break 4400 level then there is a chance that S&P/ASX will make a bearish pattern and it may trigger that below 4300 level. I think even if it failed to cross 4400, it needs more time to prove its bearish pattern.
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