ASX rallied to 7,268.5, hitting its highest point in 5 months. It later lost 13 points and is now trading at 7,255.5.
As the trading day comes to an end, chart analysis indicates ASX 200 broke through the 7,254.8 resistance, climbing 0.7 points above it. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, according to technical analysis of ASX's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that ASX's upper Bollinger Band® is at 7,315.33, this is a slight indication of a slowdown.
Overall, while ASX has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Furthermore, the market is looking at Australia CFTC AUD speculative net positions will be released today at 19:30 UTC.
The index has been trending positively for about a month. ASX is up 12.54% from the significant low of 6,434.7 it hit 5 months ago.