Australia 200 (ASX 200) Still Proceeding Upwards

The Australia 200 market has continued on its recently established upward path. Price activity in this market has steadily edged higher ever since it rebounded off the support level at the 7,200 mark. Furthermore, this index has been benefiting from positive fundamentals circulating within the country.

Key Price Levels

Resistance Levels: 8,800, 9,000, 9,400

Support Levels: 8,000, 7,600, 7,200

Australia 200 Bulls Are Still Standing Above the 8,500 Mark

As mentioned earlier, the ASX 200 market has been in an uptrend for some time now. The latest price candle on the chart is green, indicating that bullish momentum is still in play. The Bollinger Bands appear narrower, but price action continues to hug the uppermost band.

Likewise, the Smoothed Rate of Change (SROC) indicator line remains above the equilibrium level, although its terminal is showing some sideways movement. Nonetheless, the market still appears predisposed to further price increases, given the positioning of price action and supporting technical indicators.

ASX 200 Stays on the Positive Path

Zooming in on the Australia 200 market, one can observe that bullish forces remain persistent. Price activity has been trending upward for an extended period on the 4-hour chart.

The most recent price candle stands above the middle band of the Bollinger Bands, which continues to contract. Meanwhile, the SROC line remains above the equilibrium point, with its later portion in green and moving sideways. Therefore, traders can maintain a bullish outlook toward the 8,750 price level.

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