ASX 200 (AS51) Moves Up For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

The Hourly View for AS51

Last Updated January 15, 2021, 03:019 GMT

Currently, ASX SPI 200’s price is up 1 (0.01%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on ASX SPI 200. Given that we see an uptrend on the 20 and 10 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 came into today up 0.43% (28.7) from the open of yesterday, marking the 2nd consecutive day it has gone up. Relative to other instruments in the equity indices asset class, ASX 200 ranked 6th since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of ASX 200.

AS51

ASX 200 Technical Analysis

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. Or to view things another way, note that out of the past 30 days ASX 200’s price has gone up 17 them.