Australia 200 (ASX 200) Keeps Its Stand Above Crucial Support

While the Australia 200 market ended the week lower than it started, the market keeps trading above important levels. Also, the market closed in the green despite residing at a weekly low. While this may be discouraging for short-term traders, long-term traders can comfortably keep their bullish hats on.

Key Price Levels

Resistance: 9,100, 9,300, 9,450

Support: 9,000, 8,750, 8,500

Australia 200 Retains a Long-Term Bullish Outlook

Although the ASX 200 market hasn’t been able to register much progress this week, its price action has stayed above key technical levels. The market closed in the green, as can be seen from the last price candle on the chart.

Also, for most of the week, price action stayed glued to the 9-day Exponential Moving Average (EMA) curve. Simultaneously, the lines of the Stochastic Relative Strength Index (SRSI) indicator are converging for an upside crossover. An eventual crossover will result in the market pushing toward higher price levels.

ASX 200 Locks in Short-Term Targets at 9,100

The last price candle on the Australia 200 market shows that price action faced some rejection. This can be observed through the appearance of a small red price candle for the latest session.

However, trading remains above the 9-day EMA line, which offers some cold comfort. The Stochastic Relative Strength Index (SRSI) indicator lines are projected upward toward the overbought region of the indicator. The lead line of the indicator has risen past the 80 mark. Therefore, this market seems poised for a breach of the 9,100 price level.

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