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May 06, 2023Yesterday at a glance: ASX ended Thursday at 7,193. yesterday it went up to 7,220.2 only to drop back, yet still managed to close at 7,220.
At the same time, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -45,000, while the previous figure was -39,500. Australia Home Loans (MoM) came out at 6.5, while a consensus of analysts was expecting -1.
ASX 200 made an initial breakout above its 3 day Simple Moving Average at 7,220, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at 7,210.4 by around 9.6 points with prices hammering out a 7,168.4 – 7,220.2 session range. ASX's lower Bollinger Band® is at 7,193, indicating that the market is oversold and fertile for new buyers. Despite this, ASX could be slowing down soon; it is getting close to the resistance line and is now at 7,237.33, only 17.33 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
ASX continues to move higher with technical analysis indicating the trend will continue in the short term.
ASX shows positive signs, other assets are also on par: Dow Jones went up by 1.65% yesterday, and closed at 33,674. S&P 500 is trading around 4,136.25 after ending yesterday's session at 4,061.22 (up 1.85% today). Nasdaq is trading around 12,235 after ending yesterday's session at 11,966 (up 2.25% today).
Trading mostly sideways for a month. ASX is now trading 4.83% below the significant high of 7,558 it set around 3 months ago.
