Australia 200 (ASX 200) Bounces Off the 9,100 Resistance Level

Buyers in the Australia 200 market are gradually stepping in as the market tests a psychological resistance level. Consequently, price action has been descending to lower levels throughout the previous sessions. Let’s take a closer look at the price trajectory below.

Key Price Levels

Resistance: 9,000, 9,300, 9,450

Support: 8,500, 8,250, 8,000

Australia 200 Edges Lower

The ASX 200 market has not recorded any notable price increase over the week. Green candles can be seen on the chart, but they are not rising significantly. In fact, the latest price candle is green but remains below the Exponential Moving Average (EMA) line.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are merged and slightly tilting upward, though still below the 20 mark. This aligns with the appearance of a green candle on the futures daily chart, yet the market appears largely subdued.

ASX 200 Late Surge Remains Subdued

The Australia 200 market experienced a modest price increase at the close of the previous week. However, this still isn’t enough to stimulate sustained long-term movement. The last price candle on the futures 4-hour chart pushed the market slightly above the 9-day EMA curve.

The SRSI indicator has formed an upward crossover within the oversold region, with the lines trending upward from deep in that zone. Therefore, traders are keeping an eye on fundamental factors that may support further price gains toward the 8,900 level.

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