ASX 200 (AS51) Heads Up For the 2nd Day In A Row; Nears 20 and 50 Day Moving Averages

The Hourly View for AS51

Last Updated March 26, 2021, 01:018 GMT

At the time of this writing, ASX SPI 200’s price is up 6 (0.09%) from the hour prior. The hourly chart shows that ASX SPI 200 has seen 3 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 100 hour changed directions on AS51; it is now pointing down. 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

ASX 200 is up 0.17% (11.8) since the previous day, marking the 2nd day in a row an increase has occurred. Relative to other instruments in the equity indices asset class, ASX 200 ranked 5th since the previous day 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 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Or to view things another way, note that out of the past 10 days ASX 200’s price has gone up 6 them.