Weak leads from the international bourses overnight, including a heavily drop on open for the US markets, were not enough to deter bullish traders on today’s ASX market, pushing our index higher, with only the Property Trust and Consumer Discretionary sectors in the red. US markets were hampered about concerns of the health of Portugal’s top listed bank, pushing the index immediately lower on open but markets managed to recover most of those early losses by the end of the session.
How did the Aussie market perform today?
S&P/ASX200 gained 22.4 points or +0.41% on volume of $2 billion, closing at 5486.8.
Australian sector watch
Looking over the charts
- Quite the turnaround on the Aussie 200 index today despite extremely weak leads from overseas, with our market rallying from 11am, putting on 50 points in the next 2 hours.
- The candlestick pattern today was nearly a bullish engulfing formation, apart from yesterday’s lower low, which also coincides with a potential higher low, which is yet again another positive sign for the bulls.
- If you take a look at the 100 period moving average on the daily chart you notice we have been bouncing off this level for the past couple of months going back to March. Now it is a matter of watching the overhead resistance levels to see if we can make new higher highs.
- Support is sitting at 5485 and then down at 5455 with resistance at 5500 and then the next major resistance is at 5530 and if we can break that we’d see a new higher high.
ASX top 200 stock analysis
16% of stocks are showing oversold levels, 19% are showing overbought levels and 54% 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:
- QAN QANTAS AIRWAYS +6.64%
- EVN EVOLUTION MINING +5.45%
- MIN MINERAL RESOURCES +5.06%
- ORI ORICA +2.60%
- NST NORTHERN STAR RESOURCES +2.53%
Top 5 Losers:
- BRU BURU ENERGY -6.10%
- FXJ FAIRFAX MEDIA -4.79%
- LYC LYNAS CORPORATION -3.70%
- MSB MESOBLAST -3.36%
- WSA WESTERN AREAS -2.75%
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