Australia 200 (ASX 200) Pops the 9,000 Ceiling

The Australia 200 price level has been rising toward the 9,000 price ceiling. The market has eventually broken this resistance level. It appears that Powell’s interest rate cut has supplied the market with the needed momentum and has finally breached that resistance.

Key Price Levels

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

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

Australia 200 Ended in the Green

The ASX 200 market has been trending upwards for the most part of the week. Although there were some fluctuations, the market subsequently edged higher.

This has kept the market largely hugging the uppermost limit of the BB indicator, even as the extreme limit of this indicator steadily diverged to accommodate upside retracement in the market.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are still above the 70 threshold but are now approaching a bullish crossover. Technically, this suggests that the market is predisposed to advancing further.

ASX 200 Bullish Sentiment Stays Well Grounded

Looking at the Australia 200 market, it is possible to see that price activity has remained around elevated technical levels. However, it could be observed that the last two price candles suggest some strain on price movements. Still, price action can be seen staying well elevated above the middle limit of the BB indicator.

The BB indicator can also be seen maintaining an upward bearing. Likewise, the lines of the SRSI indicator recently delivered an upward crossover. This aligns with the ongoing trend of price action in this market. Although the market looks strained lately, it appears this market may edge toward 9,100 pending contrary fundamentals.

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