ASX 200 Forecast Today - 15/07: ASX 200 Rallies (Chart)
Date
7/15/2024 5:14:16 AM
(MENAFN- Daily Forex)
It's easy to see that the Australian stock exchange 200 has shown itself to be extraordinarily bullish over the last several days. At this point, we have left the AU$8000 level in the background, and I think it's probably only a matter of time before we continue to go much higher as this is a major breach of resistance.
Ultimately, this point in time I think that any short-term pullback is going to end up being a buying opportunity, as the AU$7900 level is an area that previously had been major resistance, and the top of the overall ascending triangle that had been so important. If we do pull back to that area, then it's likely that we would see a little bit of“market memory” coming into the picture and jumping all over this as it offers plenty of value in a stock market the quite frankly has been lagging behind so many others.
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Commodities and financials
Keep in mind that the ASX 200 continues to be very bullish, but the 2 major components of this index are going to be commodity companies such as BHP Billiton, Rio Tinto, etc., and of course financials such as the Commonwealth Bank of Australia, and ANZ. In other words, this is all about Asian growth and of Asian growth continues to be a thing, then obviously Australian companies should do fairly well. Regardless, we are a little bit overextended at this point, so I do think the little bit of pullback offers a lot of value.
Ultimately, this is a market that I think continues to be very noisy, but I do think that it is probably only a matter of time before we go much higher. The fact that we are above the AU$8000 level is a very good sign, and I think it probably means that we are going to continue to see plenty of buyers jumping into this stock exchange, because quite frankly the ASX 200 probably needs to catch up with other indices such as the NASDAQ 100, the S&P 500, and others.
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