ASX Breakout approaching?Australia 200 CFDFOREXCOM:AUS200FOREXcomLooking at the four-hourly chart, the price has been coiling into a structure resembling an ascending triangle, with a series of higher lows since October 2 gradually pushing the index towards horizontal resistance overhead. The upper end of the structure is marked by 8,813, the 200-day moving average at 8,825.5, and 8,834.5, creating a resistance zone that buyers have repeatedly struggled to overcome. A sustained break above 8,834.5, ideally followed by a backtest and bounce from the resistance zone, would provide a potential signal to initiate longs, with a tight stop beneath the zone for protection. Upside levels of note include 8,890, 8,960, 9,060 and 9,120. As shown on the daily chart, the 100-day moving average at 8,858 and the 50-day moving average at 8,878.9 are also worth keeping on the radar, particularly the latter given how frequently the price has responded to it in the past. Alternatively, if the price fails to clear resistance, 8,735 is the first level to watch on the downside, followed by the rising uptrend forming the lower boundary of the triangle, located around 8,660 today. While RSI (14) has yet to set a higher high, it's still early doors, with the indicator holding above the neutral 50 level, suggesting upside momentum is rebuilding. That message is reinforced by MACD, which has staged a bullish crossover in positive territory. On the four-hourly timeframe, the oscillators favour long strategies over shorts in the near term, although price action around the resistance zone remains the more important consideration. Good luck! DS