iQuant systems ASX Weekly forecast for week ending 26th July 2013
The market continues to flat line within the defined 4925 ? 4957 range. iQuant predicts a major pivot in the markets next week. A week of consolidation has put the uptrend under extreme risk. The pivot for next week is 4961 ? which is 5000 on the ASX200 index. This level has held as resistance for the week and a break above 4961 will lead to an extended rally. The trend is now under extreme pressure and five days of consolidation sees next week as a medium term pivot. Next weeks direction should be the trend for a number of weeks Daily indicators suggest a break of the range to the downside. The daily report has been on a downtrend since Thursday. A break of 4925 and 4872 will lead to a sell off and a possible test of the June low.
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