Hi, and welcome to today's GER30 update. Yesterday buyers fought back from the range low to post a solid session that could be stage one in a new leg higher that could continue the current trend.
Buyers still have some work to do. We want to see a break of yesterday's high and a break of the current resistance and highs set last week. A new trend point has started forming, but buyers still have to confirm it.
We can see price has started to confirm, and the moving average and CCI are supporting possible higher prices, but for now, buyers need to take that final step. A piece of key data may have an impact, and that's today's US CPI data.
The CPI data will be released tomorrow at 12:30 am AEDT. If the data matches or comes in lower than expected, this could boost stocks. If it comes in worse than expected, this could favor sellers. 15,500 is the current resistance, and support is seen at 15,260.
If buyers can break yesterday's high, that's a solid first sign, but we feel the market will be waiting on the CPI data before we see some real direction.
Good trading.