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April 02, 2023
A quick look at Friday: bullish sentiment helped ASX to push 55.5 points higher, reaching session highs around 7,183, before consolidating until close. Ultimately, ASX closed Friday at 7,177.8.
ASX 200 formed a session range of 7,122.3 to 7,183 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of 7,180. ASX's lower Bollinger Band® is at 7,133.61, 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 7,190.2. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ASX might continue pointing upwards in the short term.
ASX shows positive signs, other assets are also on par: Dow Jones went up by 1.26% Friday, and closed at 33,274. S&P 500 is trading around 4,109.31 after ending Friday's session at 4,050.83 (up 1.44% today). Nasdaq is trading around 12,222 after ending Friday's session at 12,000 (up 1.74% today).
