. Index News - SAP/ASX 200 Technical Analysis & Price Forecast - 28 October

Index News – S&P/ASX 200 Technical Analysis & Price Forecast

Index News – S&P/ASX 200 Technical Analysis & Price Forecast

indices technical analysis

Australia stocks lower at close of trade; S&P/ASX 200 down 0.87%

Australia stocks were lower after the close on Friday, as losses in the Metals & Mining, Materials and Resources sectors led shares lower.

At the close in Sydney, the S&P/ASX 200 declined 0.87%.

The best performers of the session on the S&P/ASX 200 were Qube Holdings Ltd (ASX:QUB), which rose 5.08% or 0.13 points to trade at 2.69 at the close. Meanwhile, Vicinity Centres Re Ltd (ASX:VCX) added 4.28% or 0.08 points to end at 1.95 and Ramelius Resources Ltd (ASX:RMS) was up 4.23% or 0.03 points to 0.74 in late trade.

The worst performers of the session were Champion Iron Ltd (ASX:CIA), which fell 9.16% or 0.48 points to trade at 4.76 at the close. Silver Lake Resources Ltd (ASX:SLR) declined 8.23% or 0.10 points to end at 1.12 and Fortescue Metals Group Ltd (ASX:FMG) was down 8.15% or 1.31 points to 14.76.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 798 to 493 and 378 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 0.10% to 17.39 a new 1-month low.

S&P 200 Technical Analysis: Daily Chart

In the daily charts, S&P 200 is trading in an up channel. S&P 200 is currently trading above all SMA.

RSI is in buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 6759.33 & the resistance level is at 6847.00.

S&P 200 INDEX will trade in an up channel until there is trend reversal.   

How to Trade S&P 200 INDEX this Week:

S&P 200 INDEX will follow the uptrend until there is trend reversal. So, remain bullish on S&P 200 INDEX.

TRADE SUGGESTION- BUY AT 6794.00, TAKE PROFIT AT 6847.00 AND STOP LOSS AT 6759.33

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