Support holds

Pleasingly trading support at 4120 held in spite of further concerns over Spanish debt levels earlier in the week. These concerns eased after the European Central Bank President Mario Draghi promised to rectify the problem. Bullish sentiment returned quickly with buyers in control all day today taking the XJO up 62.1 points (1.5%) to 4209.8, not far short of the previous high.

I would expect a new high to be reached early next week maintaining the emerging uptrend.

Categories: Trading opinion

Tags: ASX 200 charts