Australia 200 (ASX 200) Bulls Seem to Keep the Trend

The Australia 200 has lifted from a notable support base. Although the market later experienced a modest pullback, it still closed in positive territory. As a result, the index maintains steady upward momentum.

Key Price Levels

Resistance: 9,000, 9,500, 10,000

Support: 8,500, 8,000, 7,500

Australia 200 Heads Toward the 9,000 Mark

The ASX 200 daily chart has shown notable gains in recent sessions. The futures contract is now trading above 8,700 and approaching the 8,800 level. The Bollinger Bands (BB) indicator suggests the uptrend remains intact, as the bands maintain an upward tilt.

Meanwhile, the Stochastic Relative Strength Index (SRSI) shows a recent convergence just above the 70 mark, hinting at a potential slowdown. However, the broader bullish trend suggests that upward momentum may still overcome this convergence.

ASX 200 Appears Coiled Up

On the Australia 200 4-hour chart, price action has slipped just below the middle line of the BB indicator, yet the current candle remains green. The index continues to hover around this middle band without a decisive breakout.

The extreme ends of the BB indicator have contracted sharply, while the SRSI lines are slightly turning upward but remain tangled. Traders may watch for a breakout above the middle BB line, as this would likely signal a move toward the 9,000 level..

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