ASX remains on-trend despite dull session

Stable at 7,365.5 and still trending upwards, Today's session put the brakes on the ongoing uptrend — without a clear direction, ASX closed at 7,365.5 while ranging between 7,356 and 7,374.4.

ASX 200 made an initial break below its 50 day Simple Moving Average at 7,360.6, a possible indication of a forthcoming negative trend. ASX's upper Bollinger Band® is at 7,446, suggesting that a downward move may follow. Despite this, ASX is approaching key support, around 24.1 points away from 7,341.4. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests ASX is positioned for a downward move in the near term.

While ASX was pretty flat today, mixed performances were seen elsewhere as Hang Seng is down to 20,368, losing 282.75 points, after ending the previous session around 20,651. After ending today's session at 33,977, Dow Jones lost 99.6 points and is trading around 33,877.

Data to be released tomorrow might clear up some of the market fog as Australia NAB Quarterly Business Confidence will be released tomorrow at 01:30 UTC.

The index has been trending positively for about a month. ASX has gained 5.96% since its lowest print of 6,434.7 earlier this year.