Today at a glance: after finishing Friday at 7,301.5, ASX went up to 7,351 before paring its losses and closing at 7,325.6.
At the same time, Australia Company Gross Operating Profits (QoQ) (Q3) came out at -12.4, while a consensus of analysts was expecting 0.3.
'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam. Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,398.28, thereby suggesting that ASX is becoming overvalued. ASX price action is currently oscillating around the 7,336 resistance level with prices moving above and below several times during the session.
Technical analysis suggests there could be an imminent reversal for ASX.
ASX shows positive signs, other assets are also on par: Hang Seng jumps 4.51% today and closed at 18,675. FTSE improves 0.41% today and closed at 7,556.23.
At the same time, KOSPI Composite Index draws back 0.62% today and closed at 2,434.33.
The market is looking forward to the release of new data: Australia Interest Rate is expected tomorrow at 03:30 UTC. Australia RBA Rate Statement will be released tomorrow at 03:30 UTC. Australia Current Account (Q3) is scheduled for tomorrow at 00:30 UTC.
The index has been trending positively for about 2 months. ASX hit a significant low of 6,434.7 around 5 months ago, but has since recovered 13.47%.