In my last review I was suspecting that S&P/ASX has a chance to break 4450 levels, it is good to see that it finds the support at around 4350 range.
At past I was talking that S&P/ASX has a chance of making bearish pattern if it tests below 4300 levels but as it looks like that it has many other options in the downside. S&P/ASX is making lower tops and lower highs and unless it is breaking 4525 in the upside it has less chance to come out from this trend.
In spite of being in over-sold position S&P/ASX was unable to reverse substantially so the first task for it is to maintain around 4400 levels in early days of the coming week, especially crossing 4450 level is vital for it.
On the other hand it may get the resistance here at around 4400 levels and again tests lower levels but there is a good chance that it may not drop below around 4340 levels. Therefore in later days of the coming week it may bounce in the upside. In case if it drops below 4300 then I will think about the medium term bearish pattern, its recent trend also supports that move.
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