FYI | Jul 20 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.
Bulls have held the trend but the pivot for next week is +20 points. A close above 4961 next week will continue the trend and long positions can be held. The trend is going into the 5th week looking to breakout after a very quite week.
Bears need a close under 4961 at the end of next week with a downside target at 4872. Resistance is holding and is being strengthened by new daily resistance. The 4961 level capped the market last week and coincides with the monthly upside target of 4957. iQuant expects pressure on the market next week and we wait for confirmation of the trend change.
iQUANT FORECAST RANGE 4872 – 5000
PIVOT POINT 4961
Log Into www.iquantsystems.com to view real time reports on ASX top 20, international indices, currencies and commodities.
ASX200 report tracks the September ASX200 SPI. The ASX200 index is currently trading at a 40 point premium to the futures. All levels in this report refer to the ASX200 SPI futures
This weeks range of 4872- 5000 pivot 4961 – equates to 4912 – 5040 and 5001 pivot on ASX200 physical index
The past performance of this service is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance.
The information contained in this communication is general information only. Any advice is general advice only. Neither your personal objectives, financial situation or needs have not been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice. Iquant Systems Pty Ltd (CAR No.435627) is a corporate authorised representative of Avestra Capital Pty Ltd (AFSL No. 292464).
Copyright © 2013 Iquant Systems, All rights reserved. Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.
