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April 22, 2023
A quick look at yesterday: ASX ended the session around the 7,330.4 level today, after Thursday's 31.8 points decline and close at 7,362.2.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The one month Treasury rate declined to 3.4%.
Meanwhile, Australia CFTC AUD speculative net positions released yesterday at 20:30 UTC with a figure of -42,400, while the previous figure was -37,900.
Trend-focused traders would be interested to note that despite being in the red so far in the current trading session, ASX 200 peaked above its 10 day Simple Moving Average around 7,333.72 — typically an early indicator of a new bullish trend beginning to emerge. Asset volatility analysis shows that ASX's upper Bollinger Band® is at 7,451 which indicates a further downward move may follow. Visual analysis of ASX's chart shows that ASX could begin to recover as it approaches significant support, now 18.93 points away from 7,311.47. Dipping below could be an indication that further losses are ahead.
Notwithstanding ASX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Hang Seng withdraws 1.57% yesterday and closed at 20,400. After ending yesterday's session at 2,563, KOSPI Composite Index lost 18.6 points and is trading around 2,544.4.
Other assets are showing positive performances as CAC went up by 0.51% yesterday, and closed at 7,577.
The index has been trending positively for about a month. The past 6 months have been positive for ASX as it appreciated 9.79%, having traded as low as 6,434.7.
