After four days of going down, ASX is up 21.6 points yesterday

Yesterday at a glance: after closing at 7,285.4 Thursday, ASX maintained a strong bullish bias that helped the index close higher at 7,307 yesterday. However, market bears ensured the ASX topped out at 7,315.5 and that by the end of the session, the market had marked out a distinct 7,278.7 to 7,315.5 range.

Meanwhile, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -30,600, while the previous figure was -33,200.

ASX 200 made an initial breakout above its 50 day Simple Moving Average at 7,299.67, a potential indicator of a newly emerging bullish phase. ASX's lower Bollinger Band® is at 7,250.29, indicating that the market is oversold and fertile for new buyers. Despite this, ASX is 11.37 points away from testing key resistance at 7,318.37. Peaking above this level could inspire market bulls and open the path to further gains.

ASX continues to move higher with technical analysis indicating the trend will continue in the short term.

At the same time, after ending yesterday's session at 7,317.43, CAC lost 130.16 points and is trading around 7,187.27. DAX falls 1.72% yesterday and closed at 15,476. EuroSTOXX lost 1.86% yesterday and closed at 4,258.

ASX has managed to gain 5.13% so far this year despite trading at lows around 6,434.7 previously.