Turned into quite the consolidation day yesterday after the rises on Wednesday, with the bulls managing to defend the 7405 previous resistance level despite three tests.
We head into some key news and earning's today as well so lots keeping their powder dry for the moment. The ASX 200 had a bit of a rise and dip session today, and generally Asia extended its best weekly performance since March.
We have inflation data and bank earnings reports out later, the former should again give some clues on rate rises. We also have US retail sales and industrial production figures. All to throw into the mix for another freaky Friday! We have daily resistance at 7439 to start with then the top of the 20 day Raff at 7450 - can the bulls break this area? If not then I am thinking that we may well get another leg down. If they do then I would still expect that 7650 level we had from a while back.
There are a load of resistance levels between 7439 and 7465 so I am thinking that we will get a rise to this general area and then see a decline from there. It may be due to the US data coming out, or it may simply be profit taking at the end of a decent week. Things are still not particularly stable, plus the spectre of QE easing and rate rises still looms.
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