| 
May 20, 2023A quick look at yesterday: bullish sentiment helped ASX to push 42.7 points higher, reaching session highs around 7,292.6, before consolidating until close. Ultimately, ASX closed yesterday at 7,279.5.
At the same time, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -53,600, while the previous figure was -49,200.
ASX 200 made an initial breakout above its 50 day Simple Moving Average at 7,279, a potential indicator of a newly emerging bullish phase. Crossed the 7,277.33 Fibonacci level, next level is at 7,381.5. On the other hand, note that ASX could be slowing down soon; it is getting close to the resistance line and is now at 7,301.33, only 21.83 points away. Crossing the resistance line could, however, suggest that further gains are ahead. ASX's upper Bollinger Band® is at 7,346, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems ASX likely to continue pointing upward in the short term.
ASX shows positive signs, other assets are also on par: KOSPI Composite Index is trading around 2,537.79 after ending yesterday's session at 2,515.4 (up 0.89% today). Nikkei added 0.77% and closed around 30,574 yesterday.
At the same time, after ending yesterday's session at 19,727, Hang Seng lost 276.68 points and is trading around 19,451.
Trading mostly sideways for 2 months. ASX has fallen back around 4.25% over the past 3 months, from a notable high of 7,558.
