Australia 200 (ASX 200) Struggles to Surpass the 9,000 Threshold

The Australia 200 stock also picked up some momentum toward the end of the previous week. However, this wasn’t enough to recover the losses caused by downward forces. Albeit, going by the current trajectory of the market, this upside force may maintain the lead and, as such, cause further upward movements to occur.

Key Price Levels

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

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

Australia 200 Pokes Through an Important Landmark

As part of a recovery attempt, bulls have been able to thrust past the 9-day Exponential Moving Average (EMA) line before the close of trading activity for the week. This can be seen at the last green price candle on the chart, which brings the stock to trade at the 8,840 price level.

Simultaneously, the lines of the SRSI indicator can be seen converging for an upward crossover just above the 35 mark of the indicator. Considering the current stance of the appearing price candles, it seems the upside retracement may extend higher in subsequent sessions.

ASX 200 Bulls Are Resilient but Seem Exhausted

Moving to the Australia 200 market on a 4-hour chart, it can be seen that price activity has surfaced above the 9-day EMA curve. The last three price candles on the chart can be seen floating upwards above this technical landmark. The lines of the SRSI indicator also maintain an upward bearing after reaching the height of the overbought region.

However, seeing that the indicator line has reached the overbought region hints at the fact that the market may soon pull back. Even the last two price candles on the chart are contracted, which indicates a struggle in the market. Therefore, traders can anticipate a pullback toward the 8,824 mark before extending toward the 9,000 price level.

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