ASX 200 Set to Snap 4-Week Losing Streak With 8k Now in Bullish Sights
ASX 200 at a glance
- The ASX 200 is on track to snap its 4-week losing streak, to mark its most bearish sequence of six weeks in a year
- It is also on track for a bullish inside week, and currently sits 81.1 points beneath its 8,000 milestone
- Wednesday’s 1.16% rebound was its most bullish since February 6th, thanks to a weak set of employment figures from Australia’s employment reports (and refreshed bets of an RBA cut)
- However, ASX 200 futures (SPI 200) was down -0.12% (-17 points) overnight which points to a weak open for the ASX 200 cash index today
ASX 200 (SPI 200 future) technical analysis
Like Wall Street, the ASX 200 has produced a mild rebound from its lows following four straight weeks of selling. It reached the 8,000 milestone overnight, though it doesn’t appear to be in an immediate rush to break above it. But it could continue to grind its way higher as we get into next week, as the bounce form the lows remains on the small side, strong bullish volumes arrived earlier in the bounce, and the daily RSI (14) is confirming the move higher for now.
A shooting star candle formed on the 4-hour chart around 8000 to warn of near-term exhaustion. Given the significance of the level, bulls could seek dips towards 7900 and retain a bullish bias while prices remain above the 7853 low.
8045 – 8056 (swing low, 38.2% Fibonacci level), 8080 (20-day SMA), the 8100 handle and 8050 levels (50% and high-volume node) are potential resistance levels for bulls to target.
Economic events in focus (AEDT)
- 10:30 – Japanese Core CPI
- 11:01 – UK Consumer Confidence
- 13:10 – New Zealand Credit Card Spending
- 18:00 – Chinese Foreign Direct Investment
- 19:00 – EU Current Account
- 23:30 – Canadian Retail Sales
- 00:05 – FOMC Member Williams Speaks
-- Written by Matt Simpson
Follow Matt on Twitter @cLeverEdge
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