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May 22, 2023
A quick look at today: ASX slid down from 7,279.5 to 7,263.3, losing 16.2 points (0.22%) today.
ASX 200 could begin to recover as it approaches significant support, now 17.77 points away from 7,245.53. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, ASX peaked above its 50 day Simple Moving Average around 7,277 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that ASX's upper Bollinger Band® is at 7,344.71 which indicates a further downward move may follow.
Despite today's losses, technical analysis indicates that ASX might continue its recent uptrend in the short term.
Positive performances can be seen by looking at other markets as Nikkei added 0.9% and closed around 30,800 today. Hang Seng is trading around 19,678 after ending today's session at 19,451 (up 1.17% today). KOSPI Composite Index rises 0.76% today and closed at 2,537.79.
Trading mostly sideways for 2 months. ASX has fallen back around 3.69% from the significant high of 7,558 set 3 months ago.
