ASX SPI 200 Trend May Be Changing as Price Just Breached Above Its 20 Day Moving Average

News Releases Impacting ASX SPI 200

  • Forecasted Home Loans MoM in Australia: 0%. The previous number: -4.1%. (100% difference between the two.)

The Hourly View for ASX SPI 200

  • At the time of this writing, AS51’s price is up 41.32 (0.56%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 20 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.
  • Of note is that the 20 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 SPI 200’s hourly price chart is shown below.

AS51

The Daily View for ASX SPI 200

  • Currently, AS51’s price is down -57 (-0.77%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being below it. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • 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