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June 24, 2023
A quick look at yesterday: ASX retained its composure around the 7,099.2 level after dropping 1.34%.
Amid the market gloom, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -49,600, while the previous figure was -61,700.
ASX 200 made an initial break below its 200 day Simple Moving Average at 7,134.25, a possible indication of a forthcoming negative trend. In contrast, ASX's lower Bollinger Band® is at 7,023, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. ASX could begin to recover as it approaches significant support, now 41.17 points away from 7,058. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for ASX.
In the meantime, negative performances are also seen in other markets, Hang Seng is down to 18,900, losing 318.35 points, after ending the previous session around 19,218. Nikkei lost 1.45% yesterday and closed at 33,265. After ending yesterday's session at 2,593.7, KOSPI Composite Index lost 23.7 points and is trading around 2,570.
ASX is now trading 11.44% above the significant low (6,457) it slumped to 8 months ago.
