MID WEEK UPDATE

As predicted the market has started the week flat with gains starting today. The weekly upside resistance at 5058 is in focus as the index continues to creep higher. The weekly uptrend remains at risk with the RSI pushing the limits. The recent ranges continue to hold with a breakout awaited.

The iQuant range for July was 4629 ? 4957 with the actual range 4680 - 5050 today's high. Range for August sees a possible retest of the May high ? refer to website for Monthly prediction tomorrow.

The short term daily report has been volatile this week as the market searches for the next direction. A close above 4963 this week will confirm the weekly uptrend and long positions can be held into a seventh week. The market has held the supports a number of times and a breakout is now closer with 5058 the hurdle ? 5100 on the ASX200 index.

iQUANT FORECAST