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June 17, 2023
A quick look at yesterday: ASX closed yesterday at 7,251.2 (with a daily low of 7,175.3) after ending Thursday at 7,175.3 and gaining 1.06%.
At the same time, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -61,700, while the previous figure was -56,500.
Chart analysis suggests ASX 200 could be slowing down soon as it approaches resistance at 7,284.17. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that ASX made an initial breakout above its 50 day Simple Moving Average at 7,245, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 7,191 by around 60.2 points with prices hammering out a 7,175.3 – 7,262 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,280.79, thereby suggesting that ASX is becoming overvalued.
Notwithstanding ASX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
ASX shows positive signs, other assets are also on par: CAC rises 1.34% yesterday and closed at 7,291. Hang Seng went up by 1.07% yesterday, and closed at 20,040. KOSPI Composite Index added 0.66% and closed around 2,608.54 yesterday.
Trading mostly sideways for 2 months. Approximately 4 months ago, ASX reached a significant high of 7,558 but has struggled to hold onto its gains and declined 5.06% since then.
