The Australia 200 market ended Friday’s session in the green. This appears to be the result of global trade talks, which have improved investor sentiment. Additionally, heavyweight banking stocks seem to have been stimulated, along with better-than-anticipated Macquarie profits. Let’s see how far this momentum can take the market.
Key Price Levels
Resistance Levels: 8,500, 9,000, 9,500
Support Levels: 8,000, 7,700, 7,500
Australia 200 Stays on Track Towards the 8,500 Price Level
The ASX 200 index has been progressing in small, steady steps. As a result, price action continues to trend toward higher levels. The noted upward retracement began on Monday when the market briefly paused. Subsequently, the index resumed its upward movement and has continued on this trajectory since then.
Price activity remains above the middle band of the Bollinger Bands and is not yet pressing against the upper band of the indicator.
Likewise, the Moving Average Convergence Divergence (MACD) lines are showing a modest upward slope above the equilibrium level. The indicator’s histogram bars also remain above the equilibrium level, maintaining an upward trajectory.
ASX 200 Sees Minimal Turbulence Above the 8,250 Mark
The Australia 200 market has stabilized above another short-term psychological price level. However, there appears to be some struggle between buying and selling forces, as indicated by the last three candlesticks that have formed above this level.
Nevertheless, the Bollinger Bands indicator maintains an overall upward direction. Similarly, the MACD indicator lines remain above the equilibrium level, and both the lines and histogram bars suggest continued optimism in the market.
Technically, this supports the view that price action may continue upward toward the 8,500 level.Make money without lifting your fingers: Start trading smarter today
