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April 29, 2023
A quick look at yesterday: ASX went up to 7,309.2 yesterday, gaining 0.23%.
At the same time, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -39,500, while the previous figure was -42,400. Australia Producer Price Index beat the 0.8 projections, with one. Australia Producer Price Index beat the 5% projections, with 5.2%.
Analysis of ASX's recent price action suggests ASX 200 could be slowing down soon as it approaches resistance at 7,335. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, ASX made an initial breakout above its 5 day Simple Moving Average at 7,317.48, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that ASX's upper Bollinger Band® is at 7,411, this is a slight indication of a slowdown.
Overall, the technical outlook suggests ASX is likely to remain muted for the immediate future, with no clear-cut direction.
ASX shows positive signs, other assets are also on par: Nikkei is trading around 28,856 after ending yesterday's session at 28,458 (up 1.4% today). Dow Jones went up by 0.8% yesterday, and closed at 34,100. Notably, FTSE rose 0.5% yesterday and closed at 7,831.58.
The index has been trending positively for about a month. ASX has gained 5.39% since its lowest print of 6,434.7 earlier this year.
