Market Wrap

Will the market reach 3800?

By Jason Fittler

The market has continued to move ahead over the past week, can it continue to do so or will we see a pull back?

If I was a betting man I would be putting it all on a pull back. The volume has been strong over the past couple of days; however, the market looks over bought.

With a 20% gain in one month I would expect to see some profit taking coming into the market. I suspect it will reach the 3800 point then fall back to test support.

Any weakness from this point will be a good time to start putting some money in. Do not spend it all at once.

We are still in a Bear market, the name of the game is trading, look for opportunities to make a short term profit and take it. There are still a lot of economic factors at play.