Australia 200 (ASX 200) Keeps the 9,000 Price Level as a Base

After the Australia 200 market was able to make its way through the 9,000 price mark, the market hasn’t seen much progress afterward. Nevertheless, the market can be seen staying afloat above this price region and, as such, retains the potential of making further progress subsequently.

Key Price Levels

Resistance: 9,250, 9,500, 10,000

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

Australia 200 Dips Toward a Key Level

As noted above, the ASX 200 market has been able to keep its general upward trajectory. This can be seen as price activity in the market maintains an upward path, even though the last price candle dipped below the middle band of the Bollinger Bands (BB) indicator. Here, the market dipped for two sessions.

Meanwhile, with price action above the mid-band of the BB indicator, the extreme limits of the BB indicator are contracting. The Stochastic Relative Strength Index (SRSI) indicator lines are oriented downward in the oversold region and are now around the 20 mark of the indicator. The behavior of price action and the SRSI indicator are aligned, but the general outlook seems to differ.

ASX 200 Bullish Rebound Faces Rejection

In the Australia 200 4-hour price chart, it is shown that price activity has hit the lower band of the BB indicator. Subsequently, an upward rebound occurred, which saw the market test the middle band of the BB indicator. The corresponding price candle was a red one and continues trading below the mid-band of the BB indicator.

Meanwhile, the SRSI indicator retains its upward crossover, but the ensuing lines have a sideways bearing for now. Consequently, traders can monitor economic developments for impetus, as a rise past the middle band of the BB indicator may signal a continued upward retracement toward the 9,100 price level and higher.

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