Markets started to get the nervous jitters overnight with a range of uncertainties facing investors, from tensions in Russia/Ukraine, a weakening Chinese economy and the Scottish independence vote swinging towards Yes. After losses on both the US and European markets, the Aussie Index was always going to struggle with all sectors in the red except for Information Technology, notching up a 0.45 per cent gain.
How did the Aussie market perform today?
S&P/ASX200 lost 33.6 points or -0.60% on volume of $3.5 billion, closing at 5574.3.
Australian sector watch
Looking over the charts
- The Aussie 200 index has yet again come under selling pressure, with weak overnight leads and a continuing decline in Iron Ore prices, but our market managed to recover from those early lows and steady around the 5570 level.
- There appears to be some accumulative buying off the intraday lows over the last 4 trading sessions with the 5570 starting to become a bit of a sticking point for a potential bounce.
- Momentum continues to head south in the short term with the stochastic only now starting to head into the oversold territory around the 20 mark and certainly no indications of any bullish divergence.
- Support is currently sitting at 5570 and then below that at 5560 and then 5535. Resistance is now at 5600 and then 5615.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
37% of stocks are showing oversold levels, 9% are showing overbought levels and 60% 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.
Top 5 gainers:
- MML MEDUSA MINING +6.34%
- RSG RESOLUTE MINING +2.91%
- EGP ECHO ENTERTAINMENT GROUP +2.22%
- VRT VIRTUS HEALTH +1.87%
- VED VEDA GROUP +1.67%
Top 5 Losers:
- AHE AUTOMOTIVE HOLDINGS GROUP -5.64%
- ARI ARRIUM -5.48%
- CDD CARDNO -5.35%
- IGO INDEPENDENCE GROUP NL -5.24%
- MND MONADELPHOUS GROUP -5.06
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