Bullish phase under threat as ASX stays range-bound

While ASX is on a 17 day uptrend Today's session put the brakes on the ongoing uptrend — ASX recovered back to 7,322 after dipping down to 7,307.7, in a session that followed Friday's 7,330.4 close value.

A study of ASX's chart reveals various key levels to watch: after reaching the 7,311.47 support zone, ASX 200 bounced and climbed 10.53 points above it.

While ASX was pretty flat today, mixed performances were seen elsewhere as KOSPI Composite Index lost 0.82% today and closed at 2,544.4. Hang Seng lost 0.82% today and closed at 20,076.

The index has been trending positively for about a month. ASX has managed to gain 5.58% so far this year despite trading at lows around 6,434.7 previously.