ASX SPI 200 is Down for the 2nd Day in a Row

The Hourly View for ASX SPI 200

  • At the time of this writing, AS51’s price is up 22.04 (0.3%) from the hour prior.
  • ASX SPI 200 has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 downtrend 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 SPI 200’s hourly price chart is shown below.

AS51

The Daily View for ASX SPI 200

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  • ASX SPI 200 has seen its price go down 30 out of the past 30 days, thus creating some compelling opportunities for bears.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • Of note is that the 200 day changed directions on AS51; it is now pointing down. The moving averages on the daily 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.
  • Divergence between AS51’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in AS51’s price.

Below is a daily price chart of ASX SPI 200.

AS51