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June 05, 2023A quick look at today: after finishing Friday at 7,145, ASX went up to 7,233.2 before paring its losses and closing at 7,216.3.
Meanwhile, Australia Company Gross Operating Profits (QoQ) (Q1) released today at 01:30 UTC with a figure of 0.5, while the previous figure was 12.7.
Trend analysis indicates that ASX 200 made an initial breakout above its 21 day Simple Moving Average at 7,215.75, a potential indicator of a newly emerging bullish phase. ASX is currently trading around the 7,226 Fibonacci resistance level. According to asset volatility analysis, ASX's upper Bollinger Band® is at 7,311.7, this is a slight indication of a slowdown. Chart analysis indicates ASX broke through the 7,195.7 resistance and climbed above it 20.6 points; next resistance level is at 7,250.7.
Notwithstanding ASX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Nikkei is trading around 32,217 after ending today's session at 31,524 (up 2.2% today). FTSE went up by 0.43% today, and closed at 7,640.19. Hang Seng ascends 0.84% today and closed at 18,950.
Furthermore, the market is looking at Australia Interest Rate figure is projected at 3.85. It previously stood at 3.85; data will be released tomorrow at 04:30 UTC. Australia RBA Rate Statement is expected tomorrow at 04:30 UTC. Australia Building Approvals (MoM) will be released tomorrow at 01:30 UTC.
Trading mostly sideways for a month. ASX has fallen back around 5.46% over the past 4 months, from a notable high of 7,558.
