The Trump–Putin talks have had a generally bullish effect on global stocks, and the Australia 200 market has not been left out. As a result, price action in this market is galloping toward the psychological resistance at the 9,000 level.
Key Price Levels
Resistance: 9,000, 9,500, 10,000
Support: 8,500, 8,000, 7,500
Australia 200 Feels Pushback Near the 9,000 Threshold
Price activity in the ASX 200 has been on a steady upward path. On the daily chart, price action can be seen hugging the upper band of the Bollinger Bands (BB) indicator.
The latest price candle shows a moderate decline; nevertheless, the market retains a broadly bullish character. The BB indicator continues to diverge and maintain an upward trajectory.
Meanwhile, the SRSI lines are merged and moving sideways above the 80 level. Technically, this supports the view that bulls may retain control.
ASX 200 Pullback Stays Contained
On the Australia 200 4-hour chart, price action is holding firm despite a bearish correction. The most recent price candle is a small red one positioned just above the middle band of the BB indicator.
Even though near-term price movement has shown some bearishness, the BB indicator still maintains an upward slope. At the same time, the SRSI lines have dropped sharply into the oversold region. This suggests that the market may see an upward rebound off the middle band of the BB indicator.
Traders should keep an eye on any fundamental developments that could alter sentiment as the market pushes toward the $9,000 level.
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