ASX has been up for four days in a row, gaining 11.9 points to reach 7,208.4.

Small gain for ASX at 7,208.4 after ranging between 7,189.2 and 7,223.2 today.

At the same time, Australia Retail Sales beat analyst expectations of 0.1% and the previous reading of 0% with new data of 0.7%. Australia Consumer Price Index released yesterday at 01:30 UTC with a figure of 5.6%, while the previous figure was 6.8%.

ASX 200 made an initial breakout above its 50 day Simple Moving Average at 7,216.5, a potential indicator of a newly emerging bullish phase. ASX is currently trading around the 7,215.55 Fibonacci resistance level. In contrast, ASX could be slowing down soon as it approaches resistance at 7,241.33. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems ASX might continue pointing upwards in the short term.

Other markets are also showing gains as having closed the previous session at 7,215.58, CAC is up 0.98% today to currently trade at around 7,286.32. FTSE is up 0.52%.

At the same time, Hang Seng closed at 18,972 (down 1.04%).

Also worthy of note, Australia Private Sector Credit expected to decline to 0.4% while its preceding data was 0.6%, data will be available tomorrow at 01:30 UTC. Australia CFTC AUD speculative net positions will be released tomorrow at 20:30 UTC.

ASX hit a significant low of 6,457 around 8 months ago, but has since recovered 11.45%.