I'm the first to admit, I'm not a great chartist, prefering to go with fundamentals but even I find it hard to ignore what clearly looks like the breaking of a 2 year down trend (forgive the lazy Sunday commentary):
- The SP very briefly poked its head above the downward trend line on the 5 June and 30 July
- Since 28 Aug 2017, 36c had served as solid support
- The long standing resistance was eroded on the 3 Aug 2018 and broke down completely on 14 Aug for a low of 31c on 15 Aug
- However, she bounced quickly on 17 Aug and breached the downward trend which coincidentally happened to cross the long running former support of 36c
- With the 3rd time being the charm, the SP has remained above the downtrend for almost 2 weeks now and a higher low on 28 Aug has tentatively given shape to an upward trend line
- Keeping to the new trend line would see us exit the 40's which we have languished in for over a year, at the end of September
- Once the SP has cleared the 40's, is a lot less history/resistance to overcome
- For those who have suffered for the last 2 years, it seems brighter days are ahead
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