ASX 200 Breaks Above AU$8,500 as Rally Accelerates Toward Record Highs

• ASX index continues to rally 
• All things being equal, equities continue to attract inflows worldwide. 
• The rally continues to be fairly broad-based despite tariff concerns worldwide. 

During Wednesday’s trading session, the ASX 200 rose by 0.69%, successfully breaking through the key AU$8,500 level. However, it is important to note that one more resistance remains at AU$8,637—the point where the initial selloff began in February. 

While some market participants view the index as potentially overstretched, the overall trend remains clearly bullish. Trading to the upside can be challenging under such conditions, yet there appears to be little interest in shorting the market. Several support levels lie below, which many traders may be monitoring for potential entry points, depending on broader market conditions. 

Goodman Group (GMG) 

Goodman Group rose by 0.73% during Wednesday’s trading session, continuing its upward trend over the past month. Over the last 30 days, GMG has gained 5.76%. However, it’s important to note that the real estate company is still down 3.2% over the past year. 

The stock is currently trading just above the key 200-day EMA, with the AU$34 level presenting some resistance. That said, the broader trend has been bullish in recent months, with GMG rallying in line with the ASX 200 index. 

Aristocrat Leisure Limited (ALL) 

Aristocrat Leisure Limited posted a solid gain of 2.86% on Wednesday, partly fuelled by optimistic sentiment from Jefferies, which suggested the company is likely to remain one of the stronger performers in the market. Interestingly, this comes just weeks after Morgans lowered its price target for Aristocrat Leisure by 4.1% to AU$71 per share. 

Despite the differing short-term views, both firms appear to agree on the stock’s upward potential. With a 40.78% gain over the past year, Aristocrat Leisure has become a standout in the consumer discretionary sector and a popular choice among Australian traders. 

Telstra Group Limited (TLS)

Telstra Group Limited dipped 0.21% during the trading session but has still gained 6.11% over the past month. Over the past year, TLS has surged 39.66%, with the communications giant climbing from AU$3.40 to AU$4.86—a strong momentum-driven rally. 

Most technical indicators suggest the stock is currently in overbought territory, yet there are no clear signs of a slowdown. As a result, Telstra remains a popular low-priced stock among Australian traders, and the chart shows little to suggest that this trend is about to change.

Brambles Limited (BXB)

Brambles Limited fell by 0.90% on the day, but it’s important to note that the industrial giant has been on a strong upward trajectory over the past 12 months, gaining 63.73%. In just the last month, BXB has risen 11.78%, making this pullback likely to be viewed as a potential buying opportunity. 

Trading volume has been increasing, which is generally considered a positive sign. The 50-day EMA also appears to be approaching the AU$22 level—a price zone that has attracted notable interest. 

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