Australia | Jul 17 2013
MID WEEK UPDATE
As iQuant Systems predicted last week the 4957 resistance level is holding. There has been limited upside and consolidation has occurred within the expected range. iQuant’s forecast of a fall to the 4840 -4860 support range this week is on track. A break of the support will see the market test the June low.
The short term daily report shows short term weakness is expected. Indicators suggest the market will remain under pressure and falls may be seen. This week volumes have been low but we expect higher volumes and volatility for the rest of the week. Forecast for next week will be released after Fridays close.
iQUANT FORECAST FROM LAST WEEK
iQuant predicts limited upside for the week ending 19th July 2013. Short term indicators suggest the 4957 level will hold. We predict market consolidation and a fall to the 4840 -4860 support range
Respect the uptrend which is now 3 weeks old. A break of 4876 increases the downside risk and a selling opportunity may present.
Bulls are on trend and a break of 4957 will lead to a further rally. The iQuant July monthly upside target at 4957 has been hit and further gains may be limited with consolidation seen. A close above 4876 next week will continue the trend and long positions can be held.
Bears need a close under 4876 at the end of next week with a downside target at 4769. The recent bounce in the market has pushed the weekly RSI towards overbought conditions. iQuant expects pressure on the market next week and we wait for the trend to change.
iQUANT FORECAST RANGE 4769 – 4936
PIVOT POINT 4876
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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 4769 – 4936 pivot 4876 – equates to 4809 – 4976 and 4916 pivot on ASX200 physical index
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