Small gain at the opening in Australia
Australia's S&P/ASX 200 is opening with a small 0.09% gain at 6179.30.
Looking at the daily chart of the index, the price action over the last 6 or 7 trading days has been able to extend above highs going back to June and August near 6198.60. However momentum has not been all that great on the break.
The index however remains above its 50 day, 100 day and 200 day moving averages which come in between 5984 and 6023 (see white, blue, and green lines in the chart above). The relative convergence of those three moving averages, highlight the non-trending up and down trading range that has controlled the market since June. The buyers are marginally in control but getting above the 6200 level would increase the bullish bias.
