ASX 200 (AS51) Heads Up For the 5th Day In A Row; in an Uptrend Over Past 14 Days

The Hourly View for AS51

Last Updated April 9, 2021, 03:018 GMT

At the time of this writing, ASX SPI 200’s price is up 8 (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on ASX SPI 200. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 the day prior up 1.02% (70.8); this denotes the 5th day in a row an upward move has occurred. Relative to other instruments in the equity indices asset class, ASX 200 ranked 3rd since the day prior in terms of percentage price change. The daily price chart of ASX 200 below illustrates.

AS51

ASX 200 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For another vantage point, consider that ASX 200’s price has gone up 17 of the previous 30 trading days.