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June 10, 2023A quick look at yesterday: after finishing Thursday at 7,099.7, ASX went up to 7,131.2 before paring its losses and closing at 7,122.5.
At the same time, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -56,500, while the previous figure was -44,100.
ASX 200 made an initial breakout above its 200 day Simple Moving Average at 7,126.37, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. ASX's lower Bollinger Band® is at 7,063.76, indicating that the market is oversold and fertile for new buyers. On the other hand, note that ASX is 13.8 points away from testing key resistance at 7,136.3. Peaking above this level could inspire market bulls and open the path to further gains.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts ASX to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the ASX is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as Nikkei went up by 1.97% yesterday, and closed at 32,265. KOSPI Composite Index went up by 1.16% yesterday, and closed at 2,641.
At the same time, after ending yesterday's session at 7,599.74, FTSE lost 37.38 points and is trading around 7,562.36.
Trading mostly sideways for a month. ASX is now trading 6.07% below the significant high of 7,558 it set around 4 months ago.
