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ASX 200 Material Index forming a head and shoulder price pattern

ASX:XMJ   S&P/ASX 200 MATERIALS
ASX 200             Material Index could be on its way to completing a head and shoulder and a double top price pattern. The index closed on Friday 18-8-17 at 10223 down by -1.00% a critical support price point. In the last 14 trading days, the Index had 2 failed attempts to break above 10223. However, it was successful on 7-8-17 but failed to hold and within four days was down below 10223. On Thursday 17-8-17 the Index made another attempt and managed to close above 10223 but all faded away on Friday 18-8-17 closing exactly on the support price point.

Three things could happen in the coming weeks
1. The Index could hold its ground above 10223 and continue its up trend
2. The Index could fall below 10223 and head down to 9946, bounce back and move back up to around 10112
3. Fail to stay above 10223 and head down to 9946, fail to hold and fall further to 9755.
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