The Hourly View for AS51
Last Updated February 25, 2021, 00:019 GMT
At the moment, ASX SPI 200’s price is up 18 (0.26%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as ASX SPI 200 has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
ASX 200 Daily Price Recap
The back and forth price flow continues for ASX 200, which started today off at 6839.2 US dollars, up 0.86% (58.3) from the day prior. Out of the 14 instruments in the equity indices asset class, ASX 200 ended up ranking 3rd for the day in terms of price change relative to the day prior. Here is a daily price chart of ASX 200.
ASX 200 Technical Analysis
Notably, ASX 200 crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that ASX 200’s price has gone up 7 of the previous 14 trading days.