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May 29, 2023A quick look at today: after finishing Friday at 7,154.8, ASX went up to 7,254.8 before paring its losses and closing at 7,217.4.
Trend-following investors would be interested to note that ASX 200 made an initial breakout above its 21 day Simple Moving Average at 7,233.4, a potential indicator of a newly emerging bullish phase. ASX failed to break through the 7,245 Fibonacci resistance level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,306.37, thereby suggesting that ASX is becoming overvalued. Technical chart analysis shows ASX could be slowing down soon as it approaches resistance at 7,272.4. Of course, crossing it might suggest further gains are ahead.
Overall, while ASX has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Nasdaq rises 2.19% today and closed at 12,700. S&P 500 is trading around 4,205.45 after ending today's session at 4,151.28 (up 1.3% today). Dow Jones is trading around 33,100 after ending today's session at 32,765 (up 1% today).
Elsewhere, Australia Building Approvals (MoM) (Apr) is expected tomorrow at 01:30 UTC. Australia RBA Governor Lowe speech scheduled to come out tomorrow at 11:00 UTC.
Trading mostly sideways for a month. Having set a significant high of 7,558 3 months ago, ASX is trading 5.34% lower.
