For some time, the Australia 200 market has been confined within a narrow range. A recent attempt to break out of this range failed, and as a result, price action has continued to consolidate within it. Nevertheless, there may still be some short-term gains available in this market. Let’s take a closer look.
Key Price Levels
Resistance: 8,700, 8,850, 9,000
Support: 8,600, 8,500, 8,400
Australia 200 Eyes a Ceiling
Price action on the ASX 200 daily chart has just pushed through a key technical level. The most recent price candle is bullish, placing futures prices slightly above the 9-day Exponential Moving Average (EMA).
Meanwhile, the Stochastic Relative Strength Index (SRSI) lines are hovering near the 50 level. Given that upside forces are currently dominant, an upside crossover appears likely.
ASX 200 Heads Toward a Ceiling
On the 4-hour chart, the Australia 200 market continues to trend higher. Upside momentum appears to be strengthening, as the latest price candle has moved past the 9-day EMA and is larger than those of the previous two sessions.
Additionally, the SRSI has printed an upside crossover in the oversold region, reinforcing the presence of bullish pressure. Consequently, price action may extend toward the 8,787 level in the near term.
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