Key Support Zones: 6100, 6000, 5900
Australia 200 (AU200AUD) Long-term Trend: Bearish
Australia 200 appears to have resumed an upward move. The upward move has been hampered at the resistance at 5200. Meanwhile, the support at 4500 has been holding since March 23 as the market makes an upward move. Today the bulls are attempting to break the 5200 resistance. A break above 5200 will push the index to rally above 5600. The index will continue to trade below the resistance if the bulls fail to overcome the resistance.
Daily Chart Indicators Reading:
Australia 200 is above 40% range of the daily stochastic. The index was below 20% range when it was oversold at 4600. The bulls are emerging from the oversold region as the index reaches a high of 5288.70. The 21-day SMA is acting as a resistance to the index.
Australia 200 (AU200AUD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a descending channel. Since the bulls broke the resistance line of the descending channel, the market has moved up to the high of 5250. The bulls have made three unsuccessful attempts at the 5250 resistance.
4-hour Chart Indicators Reading
Australia 200 is currently at level 56 of the Relative Strength Index period 14. This implies that the index is in the uptrend zone and it is above the centerline 50. Besides, 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for Australia 200 (AU200AUD)
AU200AUD is making an upward move. The index is currently facing resistance at 5250. The upward move is hampered as a result of the current resistance. A break above 5250 resistance will propel Australia 200 to reach a high of 6000.
Instrument: Australia 200 (AU200AUD)
Order: Buy Limit
Entry price: 5126.70
Stop: 5060.70
Target: 5326.70
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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