ASX Ends Higher
The Australian stock markets are trading higher and this rally has come from the mid day session of today’s trade. This index has rallied hard after it broke its important resistance level of 4600, few weeks back. Most of the analysts have given a target of around 4740 for the index and this index has touched that levels in yesterday’s session.
The Australian stock markets will most probably, consolidate for few days and then take a call according to the Australian data and earnings going forward. Juliette Saly, “Everyone else got on board with what that data revealed and what it meant for a bit of a better outlook for China.”
The analyst feels that this Chinese manufacturing data has been in revival and that is helping the ASX as well as the world markets to move higher.
Technical Analysis:
The index has broke out of a long term resistance level in the recent past and from that point, the index has been trading higher and making new highs since then. The markets are in a clear uptrend but they are presently trading in a over bought position. So, most of the traders are waiting for some sort of consolidation to happen.
Most of the analysts are also expecting the same for the Australian stock market. The ASX has out performed most of the world markets in the past year and it will continue to out perform in this first quarter, too, say most of the analysts about the ASX.
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