S&P/ASX 200 has performed less than its peers. Last week I was specifying that I want it to stay above 4350 to show the continuation of the bullish trend which it failed to do. I still think that it may go upside provided it stays above around 4300-4320 levels.
Its last day close was not good so if it fails to stay above 4300 level then its initial support is at 4250 and if it breaks that then next support is at below 4200. In fact if it does not go past 4400 then it may create a very short-term bearish pattern which can take S&P/ASX around 4150 level but this type of pattern is very difficult to work out in shorter time period.
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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