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March 16, 2023
A quick look at today: ASX ended the session around the 6,965.5 level today, after yesterday's 103.5 points decline and close at 7,069.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The one year Treasury rate declined to 4.3%.
The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. The Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Bollinger Bands® shows an indication of recovery: the lower band is at 7,073, a low enough level to, generally, suggest that ASX is trading below its fair value. After reaching the 6,951.7 support zone, ASX bounced and climbed 13.8 points above it.
Technical analysis indicates that ASX's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, Hang Seng lost 1.72% today and closed at 19,540. Dow Jones retreats 0.56% today and closed at 31,875.
Other assets are showing positive performances as CAC is trading around 6,928.5 after ending today's session at 6,885.71 (up 0.62% today).
Furthermore, Australia CFTC AUD speculative net positions scheduled to come out tomorrow at 20:30 UTC.
The index has been trending lower for about a month. ASX is now trading 9.86% above the significant low (6,434.7) it slumped to 8 months ago.
