Australia 200 (ASX 200) Continues to Post Gains

Similar to other performing markets, the Australia 200 market has continued to see impressive price gains. The observed recovery appears to have started when price action rebounded off the 7,200 price level. Let’s see how this market may hold out moving forward.

Key Price Levels

Resistance Levels: 8,200, 8,400, 8,600

Support Levels: 8,000, 7,700, 7,500

Australia 200 Breaches the 8,000 Price Level

The ASX 200 has just breached the technical resistance at the 8,000 threshold. Consequently, price action has risen past some key technical levels.

The last price candle on this chart appears red but shows only minimal downward retracement, meaning the market remains above the 20- and 50-day Moving Average (MA) lines.

Similarly, the Stochastic Rate of Change (SROC) indicator curve is still rising toward the equilibrium level from below. This suggests that the market may continue its recovery.

ASX 200 Bulls Are Staying Optimistic

On the 4-hour chart, the Australia 200 market has continued its upward rise. Here, different from the daily chart, price activity is now above all the MA lines. The last three price candles are green and continue to float upward.

Additionally, the SROC indicator lines can be seen pushing upward after crossing the equilibrium level. At this point, it seems the market is focusing on the 8,200 resistance level. Based on technical indications, it appears that price action may soon breach this level.

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