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April 17, 2023
Today at a glance: after closing at 7,361.6 Friday, ASX maintained a strong bullish bias that helped the index close higher at 7,381.5 today. However, market bears ensured the ASX topped out at 7,391.2 and that by the end of the session, the market had marked out a distinct 7,361.6 to 7,391.2 range.
Technical chart analysis shows ASX 200 price action is currently oscillating around the 7,379 resistance level with prices moving above and below several times during the session. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. ASX is currently trading around the 7,384.25 Fibonacci resistance level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,416.53, thereby suggesting that ASX is becoming overvalued.
Notwithstanding ASX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
ASX shows positive signs, other assets are also on par: Hang Seng is trading around 20,800 after ending today's session at 20,439 (up 1.76% today). FTSE went up by 0.54% today, and closed at 7,914.49.
At the same time, Dow Jones is down to 33,900, losing 129.69 points, after ending the previous session around 34,030.
Also worthy of note, Australia RBA Meeting Minutes will be released tomorrow at 01:30 UTC.
The index has been trending positively for about a month. ASX has managed to gain 6% so far this year despite trading at lows around 6,434.7 previously.
