Support 4109-4112. (October 50% level and Friday’s highs)
Two patterns at play… #1) reverses down from 4140-42…
#2) rises up from the 4109-4112 and breaks out and continues towards next week’s highs.
SPI Weekly and daily
Market opened near support, and then proceeded to follow another breakout pattern in the daily range....
with the expectation that the trend will continue towards next week’s highs.
As noted in last week’s report…..
"Around 3800-3820, could form support and get to the market to swing back up towards the monthly 50% level in October ( & Weekly highs)"
That happened precisely, but the reversal upwards has proceeded to close above a number of levels that often act as resistance:- Monthly 50% level and Weekly highs
and the trend is likely to continue to move upwards next week…
Weekly report out tomorrow.
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