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March 09, 2023
Today at a glance: ASX went up to 7,311 today, gaining 0.05%.
ASX's state is reflected by market data as Australia Building Approvals (MoM) came out at -27.6, while a consensus of analysts was expecting -27.6.
ASX 200 is approaching key support, around 30.53 points away from 7,280.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. ASX made an initial breakout above its 50 day Simple Moving Average at 7,317, a potential indicator of a newly emerging bullish phase. ASX's upper Bollinger Band® is at 7,462.68 and the lower is 7,197.48.
Despite muted price action in ASX, chart analysis indicates it is positioned for a bullish run in the short term.
While ASX was pretty flat today, mixed performances were seen elsewhere as FTSE is down to 7,875.72, losing 54.28 points, after ending the previous session around 7,930. Nikkei is trading around 28,623 after ending today's session at 28,444 (up 0.63% today). KOSPI Composite Index lost 0.53% today and closed at 2,432.
Data to be released today might clear up some of the market fog as Australia CFTC AUD speculative net positions is expected tomorrow at 20:30 UTC.
The index has been trending lower for about a month. ASX has gained 5.21% since its lowest print of 6,434.7 earlier this year.
