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May 01, 2023A quick look at today: after finishing Friday at 7,309.2, ASX went up to 7,368 before paring its losses and closing at 7,334.6.
ASX 200 broke through the 7,335 resistance, climbing 0.5 points above it. ASX made an initial breakout above its 50 day Simple Moving Average at 7,339, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 7,343.22 currently serving as resistance Despite this, ASX's upper Bollinger Band® is at 7,412.46, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems ASX likely to continue pointing upward in the short term.
ASX shows positive signs, other assets are also on par: Dow Jones is trading around 34,100 after ending today's session at 33,826 (up 0.8% today). Nikkei added 0.92% and closed around 28,856 today. FTSE is trading around 7,870.57 after ending today's session at 7,831.58 (up 0.5% today).
The market is looking forward to the release of new data: Australia Interest Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 04:30 UTC. Australia RBA Rate Statement will be released tomorrow at 04:30 UTC. Australia AIG Manufacturing Index (Apr) is expected tomorrow at 23:00 UTC.
The index has been trending positively for about a month. ASX has managed to gain 5.38% so far this year despite trading at lows around 6,434.7 previously.
