Markets were relatively calm today, ahead of the important US non-farm payroll data coming out tonight, combined with a flat finish on Wall Street. The Aussie 200 index managed to climb back from intraday lows around 5280 to post a gain of 20.5 points by the close of the session.
How did the Aussie market perform today?
S&P/ASX200 gained 20.5 points or +0.39% on volume of $3 billion, closing at 5318.2.
Australian sector watch
Looking over the charts
- The Aussie 200 index has hit some very interesting oversold levels of late, which makes traders nervous to get back on a potential uptrend or get left behind, which opens the door up for increased volatility.
- Today’s candle on the chart below shows a bullish engulfing pattern, apart from the intraday lows hit yesterday and the strong close towards the high of the day signals a double positive sign.
- Stochastics have finally moved from the oversold territory and crossed above the 20 point, signalling that momentum has changed in the short term to favour the bulls.
- Support is building and is sitting at 5300-5305 and then below that at 5270 with resistance sitting at 5327.5 (today’s intraday high) and then above that at 5340 and 5360.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
34% of stocks are showing oversold levels, 13% are showing overbought levels and 31% 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:
- SPO SPOTLESS GROUP HOLDINGS +3.37%
- SWM SEVEN WEST MEDIA +2.49%
- CRZ CARSALES.COM +2.38%
- SKT SKY NETWORK TELEVISION +2.38%
- BKN BRADKEN +2.32%
Top 5 Losers:
- MGX MOUNT GIBSON IRON -6.73%
- TEN TEN NETWORK HOLDINGS -6.38%
- LNG LIQUEFIED NATURAL GAS -5.61%
- AGO ATLAS IRON -5.06%
- LYC LYNAS CORPORATION -4.82%
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