| 
May 13, 2023Yesterday at a glance: ASX recovered back to 7,256.7 after dipping down to 7,233.8, in a session that followed Thursday's 7,252 close value.
ASX's state is reflected by market data as Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -49,200, while the previous figure was -45,000.
ASX 200 made an initial breakout above its 10 day Simple Moving Average at 7,252.72, a potential indicator of a newly emerging bullish phase. ASX's upper Bollinger Band® is at 7,383 and the lower is 7,183.2. ASX is approaching key support, around 31 points away from 7,225.7. 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 muted price action in ASX, chart analysis indicates it is positioned for a bullish run in the short term.
While ASX was pretty flat yesterday, mixed performances were seen elsewhere as Nikkei went up by 0.9% yesterday, and closed at 29,400. KOSPI Composite Index retreats 0.63% yesterday and closed at 2,491. FTSE is trading around 7,754.62 after ending yesterday's session at 7,730.58 (up 0.31% today).
Trading mostly sideways for 2 months. Approximately 3 months ago, ASX reached a significant high of 7,558 but has struggled to hold onto its gains and declined 4.05% since then.
