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May 15, 2023
Today at a glance: ASX recovered from the previous trading session's losses and went up to 7,267 today after it traded lower at 7,235.
Meanwhile, Australia Building Approvals (MoM) (Apr) released today at 01:30 UTC with a figure of -0.1, while the previous figure was 3.9.
Despite posting gains on today, ASX 200 slid below its 10 day Simple Moving Average at 7,242.83 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,371.68, thereby suggesting that ASX is becoming overvalued. ASX could be slowing down soon as it approaches resistance at 7,272.7. Of course, crossing it might suggest further gains are ahead.
ASX is likely to reverse course and start pointing downward in the short term.
ASX shows positive signs, other assets are also on par: Hang Seng is trading around 19,971 after ending today's session at 19,627 (up 1.75% today). Nikkei went up by 0.81% today, and closed at 29,626. FTSE is trading around 7,786.38 after ending today's session at 7,754.62 (up 0.41% today).
Also worthy of note, Australia RBA Meeting Minutes scheduled to come out tomorrow at 01:30 UTC. Australia Westpac Consumer Sentiment (May) is scheduled for tomorrow at 00:30 UTC.
Trading mostly sideways for 2 months. ASX has fallen back around 4% over the past 3 months, from a notable high of 7,558.
