S&P-ASX 200 may rise to 8330.00 - 8550.00

Pivot

7900.00

Our preference

Long positions above 7900.00 with targets at 8330.00 & 8550.00 in extension.

Alternative scenario

Below 7900.00 look for further downside with 7640.00 & 7495.00 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

8750.00 **

8550.00 ***

8330.00 ***

8214.00 Last

7900.00 ***

7640.00 ***

7495.00 **

Number of asterisks represents the strength of support and resistance levels.