Iron Ore prices dipped below $90 per tonne, as concerns over the property and manufacturing sector in China continue to linger, proving a difficult barrier for the local Aussie miner’s to overcome as they continue to pull back to lower levels. Global indices had a positive night in Monday trading but volume continues to be extremely light, with the S&P500 recording the lowest volume of the year, despite hitting a new recent high.
How did the Aussie market perform today?
S&P/ASX200 gained 2.7 points or +0.05% on volume of $2.4 billion, closing at 5637.6.
Australian sector watch
Looking over the charts
- The Aussie 200 index remained flat for the whole trading session, trading in a narrow 20 point range as virtually no key economic data was due out.
- On an intraday basis the index rallied early in the session before hovering back around yesterday’s close as neither the bulls nor the bears seem to want to gain control. With the Aussie reporting season still underway, it appears traders and investors are remaining relatively cautious.
- Momentum has been muted, especially to the long side, with our Aussie 200 index in the overbought zone but today’s live market data gave us an break to the downside on the stochastic 80 level, which is generally a bearish sign. Given the market just hit new highs, we are reasonably cautious of reading too much into a bearish overbought condition.
- Support is pretty much identical to yesterday, sitting at 5625-5630 for immediate support and then 5600 just below. Resistance continues to sit around new recent highs with 5645 and 5660 the key levels and then 5684.
ASX top 200 stock analysis
13% of stocks are showing oversold levels, 44% are showing overbought levels and 68% of stocks are currently above their long term moving average as of close of trading today. View the image below to better understand overbought and oversold levels.
S&P/ASX 200 Gainers and Losers
Top 5 gainers:
- BRU BURU ENERGY +8.70%
- CVO COVER-MORE GROUP +7.07%
- MTU M2 GROUP +5.86%
- MSB MESOBLAST +5.85%
- MMS MCMILLAN SHAKESPEARE +4.95%
Top 5 Losers:
- AGI AINSWORTH GAME TECHNOLOGY -9.76%
- SXY SENEX ENERGY -8.96%
- RSG RESOLUTE MINING -5.13%
- WSA WESTERN AREAS -5.07%
- SIR SIRIUS RESOURCES NL -4.35%
Please note that these are our initial impressions and that it is important to read all disclaimers on this website when considering the information. If you would like to discuss further please contact:
Ashley Jessen
Director of Communications
Email: ashley_jessen@invast.com.au
Phone: 02 8036 7567