ASX 200 technical outlook
ASX 200 index is scoped to rise further while the short term technical is bullish.
ASX 200 short-term technical outlook – bullish
Australia's ASX 200 broke above key resistance and opened the door for further gains in the coming weeks/months.
The index’s break above the barrier at the August high of 7138 has triggered a double bottom (the June 2022 and the October 2022 lows), pointing to a potential rise toward 7865. This follows a hold last year above crucial support on the 200-week moving average, coinciding with a 38.2% retracement of the 2020-2021 rise (see chart).
Fibonacci retracements of 38.2%-50% are considered reasonable and corrective, rather than a reversal of the trend. In the case of the ASX 200, the 2021-2022 decline was a correction of the post-Covid bull run and not the start of a bear market.
The price objective of the bullish double bottom pattern implies a break above the record high of 7633 hit in 2021 to new cycle highs. On the downside, there is quite strong support at the early-January low of 6905, near the 200-day moving average.
ASX 200 weekly chart
Take your position on over 13,000 local and international shares via CFDs or share trading – and trade it all seamlessly from the one account. Learn more about share CFDs or shares trading with us, or open an account to get started today.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
