The ASX 200 is showing signs of steady recovery as broad sector participation is supporting market stability. Technology, utilities and real estate stocks spearheaded the gains though most other sectors were also on the move.
Economic indicators indicate that the Australian economy is still growing which is good for investor confidence. If global market sentiment is stable and economic data continues to be positive, the ASX 200 could continue to build momentum in the next few sessions. However, ongoing crisis in the Middle East may drive the next move in the ASX 200.
From a technical perspective, the market remains bearish in the short term as the index remains below the key levels. However recovery above 9,000 will suggest a buildup of positive energy in the ASX 200. A break below 8,400 will trigger a significant drop in the index.
