Australia 200 (AU200AUD) Reaches the Oversold Region as Buyers Fail to Emerge

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RESULTS

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

Australia 200 (AU200AUD) Long-term Trend: Bearish
Australia 200 is currently in a downtrend as it approaches the low of 4800. At the low of 4800, the market has already reached the oversold region. Since on March 12, the price has been consolidating above the 4800 support level. The downward move has been temporarily suspended as the 4800 support holds.

The bears have tested the 4800 support but unable to break it. On the downside, if the 4800 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.

Daily Chart Indicators Reading:
Australia 200 is below 20% range of the daily stochastic. The index has been oversold since on February 25 but buyers have failed to emerge to push the index upward. Rather the stochastic are sloping horizontally.

Australia 200 (AU200AUD) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The index is making a series of lower lows and lower highs as it reaches the low of 4750. At the moment, the market appears to be consolidating above 4750.

4-hour Chart Indicators Reading
Australia 200 is currently at level 46 of the Relative Strength Index period 14. This implies that the index is below the centerline 50. It also means that the market may fall. Besides, 21-day and 50-day SMAs are sloping southward indicating the downtrend.

General Outlook for Australia 200 (AU200AUD)
AU200AUD downward move is gradually coming to an end. The support has been holding for the past one week. Although, the upward move has not begun as the bulls failed to emerge in the oversold region.

Instrument: Australia 200 (AU200AUD)
Order:  Sell
Entry price: 4973
Stop: 5043
Target: 4773

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