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June 03, 2023A quick look at yesterday: after closing at 7,110.8 Thursday, ASX maintained a strong bullish bias that helped the index close higher at 7,145 yesterday. However, market bears ensured the ASX topped out at 7,165.8 and that by the end of the session, the market had marked out a distinct 7,110.8 to 7,165.8 range.
Meanwhile, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -44,100, while the previous figure was -49,100. Australia Home Loans (MoM) came out at -3.8, while a consensus of analysts was expecting three.
ASX 200 made an initial breakout above its 3 day Simple Moving Average at 7,145, a potential indicator of a newly emerging bullish phase. ASX's lower Bollinger Band® is at 7,104.18, indicating that the market is oversold and fertile for new buyers. On the other hand, note that ASX could be slowing down soon as it approaches resistance at 7,170.6. Of course, crossing it might suggest further gains are ahead.
ASX continues to move higher with technical analysis indicating the trend will continue in the short term.
ASX shows positive signs, other assets are also on par: Hang Seng is trading around 18,950 after ending yesterday's session at 18,217 (up 4% today). Dow Jones surges 2.12% yesterday and closed at 33,062. FTSE soars 1.56% yesterday and closed at 7,490.27.
Trading mostly sideways for a month. ASX is now trading 5.92% below the significant high of 7,558 it set around 3 months ago.
