In my past posting I was doubtful about the short-term bullish pattern of S&P/ASX but it is good to see that it has finally triggered that. S&P/ASX is showing uptrend from middle of November but that not means that it is going to correct heavily in coming days. In the last day its close may create doubts but still I will be waiting for confirmations. After a long time S&P/ASX is trying to break 4600 levels and technical indicators are not showing too much over-bought position so it may still run in the upside provided it does not drop below 4550 in early to middle days of the coming week.
In past I was talking about future bearish option, since S&P/ASX crosses 4600 so it is out of that particular bearish pattern but still it may create another option and for that it has to test mores or less same level of around 4350. In the downside S&P/ASX has to face initial support at around 4500-4550 ranges. I have a feeling that unless a big correction comes, S&P/ASX will try to stay above 4500 ranges. It is more expected that S&P/ASX will be limited in between 4550-4650 ranges.
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