Day trading ASX 200 Index – opinions for 7 th July 2014

It’s been a bullish turn around in our Aussie market. There is an outside bar in weekly with a close near the high with penetration of the trend line. This is a very bullish development and now I believe the last high at 5554 can be broken.

But not so quick. The market needs a day or two of consolidation after three big days. So I believe for today, the index might touch 5542 but rather it’s going towards 5500 with a close between 5505 and 5520. We’ll see.