ASX closed at 7,078.7 today after 5th straight days of drops

Today at a glance: ASX slides down from 7,099.2 to 7,078.7, losing 20.5 points (0.29%) today.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 7,006.82, a low enough level to, generally, suggest that ASX is trading below its fair value. Chart analysis suggests ASX could begin to recover as it approaches significant support, now 22.6 points away from 7,056. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests ASX has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Nasdaq lost 0.79% today and closed at 13,500. Hang Seng slumps 0.51% today and closed at 18,900.

Positive performances can be seen by looking at other markets as KOSPI Composite Index is trading around 2,582.2 after ending today's session at 2,570 (up 0.47% today).

Over the past 4 months, ASX has retreated 6.07% from a noteworthy peak of 7,558.