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June 12, 2023Trading is currently halted for Queen's Birthday but will resume tomorrow. Meanwhile, here is a recap of Friday: after finishing Thursday at 7,099.7, ASX went up to 7,131.2 before paring its losses and closing at 7,122.5.
'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 made an initial breakout above its 200 day Simple Moving Average at 7,126.37, a potential indicator of a newly emerging bullish phase. 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 could be slowing down soon as it approaches resistance at 7,136.3. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, ASX might continue its downtrend in the short term.
Other markets are also showing gains as DAX added 0.83% and closed around 15,950 Friday. Notably, CAC rose 0.55% Friday and closed at 7,213. Nikkei improves 0.52% Friday and closed at 32,265.
Elsewhere, Australia Westpac Consumer Sentiment (Jun) scheduled to come out tomorrow at 00:30 UTC. Australia NAB Business Confidence (May) is expected tomorrow at 01:30 UTC.
Trading mostly sideways for a month. 4 months ago ASX reached a significant high of 7,558 but has consequently lost 6.07% since then.
