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ASX 200 Hits Fresh All-Time Highs for Second Consecutive Day

ASX 200
ASX 200

ASX 200 close up 0.8% at 6,929 making fresh all-time high for the second consecutive day. All Ordinaries index also closed above 7000 points for the first time at 7041.9. Australian stocks started 2020 in positive foot with ASX 200 2.9%m, making the first week of 2020 the best since February 2019.

In the economic news the November retail sales came in at 0.9%, the best lift the last two years, beating growth expectations of 0.4%. Australia’s trade surplus jumped to $5.8bn, from $4.1bn in November.

Read our Best Trading Ideas for 2020.

ASX 200 Technical Analysis Outlook

The index managed to hit fresh all-time highs despite the recent tensions between Iran and USA. ASX 200 had the best year since 2009 registering over 18% gains in 2019.

The outlook is clearly bullish for the index.  On the upside, initial resistance for the ASX 200 index stands at 6,933 the intraday all-time high. A break above might test the next psychological resistance at 7,000 round figure.

On the downside ASX 200 immediate resistance will be met at 6,874 the daily low. A break below that level with higher volumes might accelerate the selling pressure to 6,816 the low from yesterday’s session. More bids will emerge at the 50-day moving average at 6,756.