Hey all, haven't been here for a while. Just following on from...

Hey all, haven't been here for a while.

Just following on from my last post.

After a few bullish days the SP has just pushed through the Kumo which means we are bullish on the daily chart. It also means the overhead resistance from the Kumo is now gone & it will provide support.

The $3.35 zone is now resistance & the $3.15 zone is now support. The Kumo is at the $3.30 area & will provide resistance as well, but it's also flat & this normally draws the SP closer to it.

The reverse head & shoulders hasn't been confirmed yet, but it hasn't been ruled out either as the breakout point ($3.60) hasn't been broken nor has the support levels ($2.90 as posted above).

With today's announcement, the new financial year rolling around & the shorts starting to dry up we finally have a chance at breaking the $3.60 zone resistance which hopefully means the reverse head & shoulders will be confirmed & a target price of $4.40 can be achieved.

So to sum up:

We have a buy signal on the MACD.
SP trading above the Kumo (bullish).
Tenkan Sen pointing up signalling upside momentum is building in the short timeframe.
RSI at 55 and trending up which means we have a lot of potential for this market to move higher.