A quick look at today: after closing at 7,285.4 yesterday, ASX maintained a strong bullish bias that helped the index close higher at 7,307 today. However, market bears ensured the ASX topped out at 7,315.5 and that by the end of the session, the market had marked out a distinct 7,278.7 to 7,315.5 range.
Meanwhile, Australia Private New Capital Expenditure (QoQ) (Q4) released yesterday at 00:30 UTC with a figure of 2.2, while the previous figure was 0.6.
ASX 200 made an initial breakout above its 50 day Simple Moving Average at 7,299.67, a potential indicator of a newly emerging bullish phase. ASX's lower Bollinger Band® is at 7,250.29, indicating that the market is oversold and fertile for new buyers. On the other hand, note that ASX could be slowing down soon; it is getting close to the resistance line and is now at 7,318.37, only 11.37 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: Nikkei added 1.29% and closed around 27,100 today.
Meanwhile, Hang Seng draws back 1.68% today and closed at 20,351. After ending today's session at 2,439, KOSPI Composite Index lost 15.39 points and is trading around 2,423.61.
Elsewhere, Australia CFTC AUD speculative net positions is expected today at 20:30 UTC.
This year has been a bright one for ASX after trading as low as 6,434.7 and going on to appreciate by 5.13% year to date.