Indices Update – January, February & March 2020

ASX 200 (Australian Stock Index – AUS200)

As suggested in our last indices chart analysis, AUS200 has been reversing around the longer-term moving average and finding resistance around 6870.  Price is now looking a little indecisive and may be forming a horizontal channel(range) at 6397-6893. The moving averages confirm the declining upside momentum – they are tightening. The moving averages are still bullish and steady though, signalling a potential move higher.

Trading opportunities could exist around the support and resistance areas of the horizontal channel and if AUS200 moves out of the channel (break-out trade). A break to the downside may find support around the horizontal levels at 6229, 6109 and 5935.

DAX (German Stock Index – DE30)

Price has been very bullish and has moved much higher. DE30 has formed a bullish channel and is clearly up-trending. The moving averages are bullish and steady, signalling that the uptrend could continue.

Opportunities to go long may exist around the dynamic support of the moving averages, around the channel support area and around the horizontal levels at 12820, 12657 and 11422. A bullish move could stall or reverse around the channel resistance area.

IBEX 35 (Spanish Stock Index – ES35)

IBEX has been bullish. Price action has formed a series of higher swing highs and lows – ES35 is up-trending. IBEX has formed a bullish channel and the moving averages are becoming bullish, all suggesting that the upside direction may continue.

Long opportunities could exist around the moving averages, around the bullish channel support area and around the horizontal levels at 9600, 9440, 9135 and 8885. A bullish move higher may find resistance around the channel resistance area and around the recent highs at 9956.

STOXX (European Stock Index – EU50)

As suggested in our last indices analysis, price broke above the range resistance area and has since been bullish. STOXX is up-trending and has formed a bullish channel. The moving averages are bullish and steady, signalling that the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the identified horizontal levels at 3712, 3626, 3581, 3521, 3412 and 3259. A bullish move could find resistance around the channel resistance area.

Hang Seng 50 (Hong Kong Stock Index – HK50)

The Hang Seng 50 has been bullish and has formed a bullish channel. The moving averages are moving sideways though, suggesting market indecision.

Trading opportunities could exist around the bullish channel support and resistance areas, around the moving averages and around the horizontal levels at 24553, 24828, 25576, 25988, 26689, 27323, 27915, 28978 and 30172.

Nikkei 225 (Japanese Stock Index – JP225)

Just like other global indices, the Nikkei has been bullish and has started up-trending. Price action has formed 2 key higher swing highs and lows. The moving averages are bullish and widening, signalling that the uptrend could continue.

If JP225 starts retracing, long opportunities may exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 23022, 22689, 22485, 22152, 21775 and 21302.

FTSE 100 (UK Stock Index – UK100)

As suggested in our last indices chart analysis, the FTSE 100 found resistance around the previous trend support area. Price continues to be indecisive and lack trend momentum. The moving averages confirm the current indecision – they have been crossing frequently and are moving sideways.

Trading opportunities could exist around the moving averages and around any of the horizontal levels at 7015, 7102, 7415, 7524, 7693 and 7778. If the UK100 moves above the highs at 7778, price may attempt a bullish move higher.

Dow Jones 30 (US Stock Index – US30)

The Dow has been bullish and has swung higher (as suggested in our last indices chart analysis). Price is up-trending and hitting new highs. The moving averages are bullish and widening, signalling that the uptrend could continue.

Opportunities to go long may exist around the moving averages, around the trend support area and around the horizontal levels at 27366, 26779 and 26070.

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