We spoke about this SPI200 breakout and retest just over a month ago.
Now low and behold after bouncing, we’re back at the level again:
The Australian SPI200 index had formed a resistance level that we watched go from a double top to a triple top, before finally breaking out.
With the last retest breaking the level before bouncing, I’ll be treating this retest level as a zone rather than a hard line.
Just remember the Australian budget is released tonight which could have effects on tomorrow’s open.
Where do you see the SPI200 index heading?
Are you an indices trader? Take advantage of market opportunity on a Vantage FX live MT4 trading account.
Dane Williams – @VantageFX
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Source: Vantage FX Blog