Australia 200 (ASX 200) Hovers Around a Broken Resistance

The Australia 200 market earlier pushed past an apparent resistance at the 8,787 price level. However, the market has not developed sufficient momentum to propel prices significantly higher.

Key Price Levels

Resistance: 8,800, 9,000, 9,200

Support: 8,500, 8,350, 8,100

Australia 200 Appears Burdened at 8,789

The ASX 200 market has broken through the resistance at the upper boundary of the previously drawn sideways price channel. Meanwhile, the price candle representing the ongoing session is red, pulling price action back toward the previously broken resistance.

Additionally, the most recent price candle has slipped below the 9-day Exponential Moving Average (EMA) line. The Stochastic Relative Strength Index (SRSI) indicator lines have also turned downward and are now approaching the 20 level of the indicator.

ASX 200 Shows Signs of Weakness

On the 4-hour Australia 200 chart, the market appears to be taking on a stronger bearish tone. The latest price candle is red, suggesting that downward pressure is increasing. However, price action still remains above the 9-day EMA curve.

Meanwhile, the SRSI lines are converging in the overbought region of the indicator. That said, traders may want to exercise caution, as price activity could slip below the 8,787 price level and move toward the 8,750 mark.

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