The Australia 200 market has remained depressed, seemingly as a aftermath of interest rate concerns. As such, the market has recorded a three-session consecutive decline.
Key Price Levels
Resistance: 8,800, 9,000, 9,200
Support: 8,500, 8,350, 8,100
Australia 200 Under Strong Headwinds
The ASX 200 market has edged lower for four straight sessions. Consequently, this has pushed the market to trade below the 9-day Exponential Moving Average (EMA).
Additionally, futures have retreated below the price ceiling at the 8,747 level. The ongoing session remains in the red and suggests that the downward retracement may persist. The Stochastic Relative Strength Index (SRSI) indicator lines are dropping rapidly into the oversold region, with the lead line already near the 20 mark.
ASX 200 Market Appears to Be Holding Support at the 8,730 Level
The Australia 200 market has been oscillating around what appears to be support near the 8,727 level. The corresponding price candle looks heavily compressed and continues to keep the index trading below the 9-day EMA curve.
The SRSI indicator lines are converging but have not yet entered the oversold region. Instead, they are moving sideways around the 20 level. If this support holds, a rebound toward the 8,800 level may occur.
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