ASX 200 Technical Analysis & News – 07 September 2022
07 Sep 2022
ASX 200: NEWS & TECHNICAL Analysis
Australia stocks lower at close of trade; S&P/ASX 200 down 1.42%
Australia stocks were lower after the close on Wednesday, as losses in the Energy, Resources and Metals & Mining sectors led shares lower.
At the close in Sydney, the S&P/ASX 200 lost 1.42% to hit a new 1-month low.
The best performers of the session on the S&P/ASX 200 were Nuix Ltd (ASX:NXL), which rose 6.11% or 0.04 points to trade at 0.69 at the close. Meanwhile, Resmed Inc DRC (ASX:RMD) added 4.23% or 1.36 points to end at 33.51 and Appen Ltd (ASX:APX) was up 3.59% or 0.13 points to 3.75 in late trade.
The worst performers of the session were Insignia Financial Ltd (ASX:IFL), which fell 7.10% or 0.24 points to trade at 3.14 at the close. Viva Energy Group Ltd (ASX:VEA) declined 7.07% or 0.21 points to end at 2.76 and Beach Energy Ltd (ASX:BPT) was down 5.11% or 0.09 points to 1.67.
Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 841 to 496 and 378 ended unchanged.
The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 8.85% to 16.52 a new 1-month high.
ASX 200 Technical Analysis: Daily Chart
In the daily charts, ASX 200 is trading in down channel. ASX 200 is currently trading below all SMA.
RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 6699.00 & the resistance level is at 6786.00.
ASX 200 INDEX will trade in down channel until there is trend reversal.
How to Trade ASX 200 INDEX this Week:
ASX 200 INDEX will follow the downtrend until their trend reversal. So, remain bearish on ASX 200 INDEX.