iQ ASX Weekly Forecast For Week Ending 30th August 2013

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The uptrend holds for a 10th week. This week the trend was tested and resistance at 5125 and 5145 continued to hold any upside. The market failed to make a new high. International markets focus on SP500 at 1660 and the AUDUSD at 0.90.  The short term daily report is holding onto a new uptrend and we continue to expect selling. The flat trend and limited upside indicates a neutral position and we wait for the long established supports to fail. We expect the 10^th week of the uptrend to be similar to this week as resistance holds and supports are tested.

Bulls had a scare this week but took less than 3 hours to reverse the mini flash crash.  A break above 5152 will target new highs. A close above 5059 next week will continue the trend. The 10^th week of the uptrend shows no resistance above 5152 and break of this level will target 5218 – de ja vu.

Bears had their first chance to reverse the trend this week. Resistances held and supports were tested and the market held above the pivot and held the uptrend. The  resistance at 5125 and 5145 continues to be the key.  A close below 5059 next week will be the start of a downtrend. Downside target is 4914.  

iQUANT FORECAST RANGE                                     4914   –      5152

PIVOT POINT                                                                  5059

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