S&P/ASX is getting resistance at 4500 level and it is good to see that it got its initial support at 4450 level. Last few days it showed uncertain movements so it is important that S&P/ASX maintains this level. In the initial days of the coming week it may again try to test 4500 level. There is also a chance that it may show couple of flat days in this type of short-term higher levels and that is expected around 4450–4500 levels.
From here if it able to break 4500 level then it is due to act on its medium term bullish pattern, if S&P/ASX acts completely on that then we may see it around 4800 in coming future. If we consider normal success rate of that pattern then S&P/ASX will achieve level above 4600.
On the other hand if it drops down from 4450 level then it will get initial support at 4400 level. The chance of making medium term bearish pattern is still there if S&P/ASX tests below 4300 level in the downside but it may not be a straight one.
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