Australia 200 (AU200AUD) 4600 Support holds as the Index Makes Upward Move

Key Resistance Zones: 7000, 7100, 7200
Key Support Zones: 6100, 6000, 5900

Australia 200 (AU200AUD) Long-term Trend: Bearish
The recent downtrend is subsiding as the market makes an upward move. The price at 4800 was holding initially before it was broken. Australia 200 is now in an upward move as 4600 holds. The uptrend is approaching the high of 5400.

On the downside, if the 4600 support is breached, the index will continue the downtrend. On the other hand, if the current support holds, the market may make an upward move. The downward move has been temporarily suspended as the 4600 support holds. The bears have tested the 4600 support but unable to break it.

Daily Chart Indicators Reading:
Australia 200 is above 20% range of the daily stochastic. The index has been oversold since February 28 but buyers failed to emerge at the oversold region. That is the reason the stochastic bands are horizontally flat indicating period the index was oversold.

Australia 200 (AU200AUD) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The market is making a series of lower lows and lower highs as it reaches the low of 4750. At the moment, the price has broken the resistance line of the descending channel and closed above it. This signals a change in trend.

4-hour Chart Indicators Reading
Australia 200 is currently at level 61 of the Relative Strength Index period 14. This implies that the index is above the centerline 50. It also means that the market is rising. Besides, 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for Australia 200 (AU200AUD)
AU200AUD downward move has subsided. The index is making an upward move. The bulls are emerging at the oversold region

Instrument: Australia 200 (AU200AUD)
Order: Buy
Entry price: 5313
Stop: 5280
Target: 5513

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