S&P-ASX 200 may rise to 8170.00 - 8330.00

Pivot

7700.00

Our preference

Long positions above 7700.00 with targets at 8170.00 & 8330.00 in extension.

Alternative scenario

Below 7700.00 look for further downside with 7495.00 & 7320.00 as targets.

Comment

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

Supports and resistances

8500.00 *

8330.00 ***

8170.00 ***

7971.60 Last

7700.00 ***

7495.00 ***

7320.00 **

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