AUS200 traded around 8,510.55 and has started to retreat after testing the key resistance at 8,614.46. The latest daily candle is clearly bearish, indicating a rejection from resistance and signalling potential for a deeper pullback toward the Bollinger midline.
The index posted a firm bearish candle following a series of smaller-bodied candles near resistance, reflecting fading bullish momentum. This bearish rejection occurred right after touching the upper Bollinger Band and confirms a short-term exhaustion of the uptrend. The price is now approaching the middle Bollinger Band, which acts as dynamic support.
Bulls Power (13) is still in positive territory at 53.32, though it has been steadily declining — another sign that bullish pressure is weakening. If this trend continues, bearish momentum may push the price below the middle band, opening the door for further retracement.
Market Observation & Strategy Advice:
1. Key Resistance: Stands firm at 8,614.46 — rejection from this level reinforces its strength as a ceiling for the current move.
2. Immediate Support: Price is approaching the middle Bollinger Band near 8,450–8,470; a break below it could open downside toward 8,400 or lower.
3. Bollinger Bands Structure: Price has moved from the upper band back toward the midline, reflecting a cooling-off phase after extended bullishness.
4. Momentum Indicator: Bulls Power (13) at 53.32 is positive but declining — a further dip below 0 would support a short-term bearish outlook.
5. Trading Strategy Suggestions:
- Short-term Bearish Play: Consider short positions if the daily candle closes decisively below the middle band, targeting 8,400 area.
- Buy the Dip: Bullish traders may wait for bullish reversal signals near the Bollinger midline before re-entering.
- Avoid Longs at Resistance: New long positions near 8,614.46 should be avoided unless a strong breakout occurs with volume.
Market Performance:
Index Last Price % Change
S&P 500 5,982.72 -0.84%
Dow Jones 42,215.80 -0.70%
Today’s Key Economic Calendar:
JP: Balance of Trade
UK: Inflation Rate YoY
US: Building Permits Prel
US: Housing Starts
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
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