The last two weeks certainly have been more positive. But where to from here?
On the below chart I have drawn three lines, each represent a resistance point. What this indicates to me is the following;
1. The market may fall back from here to 3350; I would however expect it to move back up from this point.
2. The market will continue to move up to 3550, at this point it may move back to 3350 to consolidate before moving back up.
3. If the market pushes through 3550 it will most likely move back up to 3800.
Overall they are positive outcomes. I expect to see the market move up in the coming months as we approach the end of the financial year.