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March 14, 2023
Today at a glance: ASX ended the session around the 7,009 level today, after yesterday's 99.8 points decline and close at 7,108.8.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The iShares U.S. Treasury Bond ETF has gone up 0.93% to trade at $23.27, thereby indicating that government bond yields were downbeat across the yield curve. After trading at around 4.9%, the yield on one year government debt fell to 4.3%.
Meanwhile, Australia Westpac Consumer Sentiment (Mar) released yesterday at 23:30 UTC with a figure of zero, while the previous figure was -6.9.
Trend-following investors would be interested to note that ASX 200 made an initial break below its 200 day Simple Moving Average at 7,007.22, a possible indication of a forthcoming negative trend. Momentum evaluation shows that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In ASX's case, the RSI has fallen below 30, indicating the asset is oversold. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at 7,088, a low enough level to, generally, suggest that ASX is trading below its fair value. ASX's notable support and resistance levels: ASX reversed direction at 7,070 support zone and climbed 61.1 points above it.
All in all, the technical analysis suggests ASX has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index lost 2.24% today and closed at 2,410.6. DAX is down to 14,959, losing 468.5 points, after ending the previous session around 15,428. After ending today's session at 7,220.67, CAC lost 209.17 points and is trading around 7,011.5.
The index has been trending lower for about a month. ASX is up 10.48% from the significant low of 6,434.7 it hit 8 months ago.
