ASX 200 (AS51) Heads Up For the 4th Consecutive Day; Pin Bar Pattern Appearing on Chart

The Hourly View for AS51

Last Updated November 11, 2020, 01:05 GMT

At the moment, AS51’s price is down $0.01 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AS51. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

ASX 200 Daily Price Recap

ASX 200 closed yesterday up 2.05% (129.12); this denotes the 4th consecutive day an upward move has occurred. Relative to other instruments in the equity indices asset class, ASX 200 ranked 2nd since yesterday in terms of percentage price change. Here is a daily price chart of ASX 200.

AS51

ASX 200 Technical Analysis

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days ASX 200’s price has gone up 17 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

Over on Twitter, here were the top tweets about ASX200:

  • From Anthony77Short:

    I’ve watched ASX200 futures trade 6,540 at one point before I go to bed in the middle of the US market hours. I thought it was too much& CHASERS should be sorry. Now it backs to 6,359 I wanted add shorts but No overtrade when my two more positions are losing. Stick to a rule

  • From IGSquawk:

    #ASX200 Sector update:
    Financials 5110 +3.86%
    Energy 7243 +8.26%
    Materials 14125 -1.77%
    Industrials 6177 +3.7%
    Cons. Discr 2832 -2.17%
    Cons. Staple 12524 -3.23%
    Health Care 45009 -0.88%
    Comms 1225 +0.11%
    Info Tech 1946 -6.76%
    Utilities 7024 +0.3%
    #asx #ausbiz

  • From ASX:

    #ASX200. Yesterday’s biggest moves were REA GROUP $REA, up 9.08%, NEARMAP $NEA, up 8.13% & ZIPCOLTD $Z1P, up 7.06%. #ASXTop3.