Key Support Zones: 6100, 6000, 5900
Australia 200 (AU200AUD) Long-term Trend: Bearish
Australia 200 is currently in the downtrend after a sharp fall. The sharp fall was caused by the bulls while trying to break the resistance at 7200. In the process of breaking the resistance, a bearish double top is formed. The market at the bottom of the chart is already in the oversold region.
The index fell to the low of 6300 and became oversold. The current support at 6300 is likely to hold because AU200AUD has already slumped to the oversold region. In the oversold region, selling has been overdone. By default, buyers are to emerge to push price upward.
Daily Chart Indicators Reading:
The index has fallen below 20% of the daily stochastic. This means that it is in the oversold region of the market. The bottom line is that buyers have to come in this region to push the index upward.
Australia 200 (AU200AUD) Medium-term Trend: Bearish
On the 4- hour chart, the index was previously in a sideways trend. The bulls were attempting to break the resistance at 7200 when price has a sharp drop to the low of 6300. The bulls pulled back to retest 6500 resistance. The market fell to the same low for the second and third times without breaking the support.
4-hour Chart Indicators Reading
Australia 200 is currently at level 37 of the Relative Strength Index period 14. It indicates that price is in the downtrend zone. It is likely to fall because it is below the centerline 50. Besides, 21-day and 50-day SMAs are sloping southward indicating the downtrend.
General Outlook for Australia 200 (AU200AUD)
AU200AUD is in a serious downtrend. The index has fallen into the oversold region suggesting bulls to take control of price. However, without the emergence of buyers, the upward move will not resume.
Instrument: Australia 200 (AU200AUD)
Order: Buy
Entry price: 6294
Stop: 6200
Target: 7200
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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