Mixed but largely negative leads from overseas markets paved the way for a less than inspiring open on the Aussie 200 index, which fell heavily on open, following falls in Copper and Gold prices. The Aussie Dollar continues to hit headlines for all the wrong reasons, dropping from 94 cents the other day to less than 91 cents today, from weak Chinese data and lower prices across the key commodities such as Copper, Iron Ore and Gold.
How did the Aussie market perform today?
S&P/ASX200 lost 15 points or -0.27% on volume of $3.5 billion, closing at 5531.1.
Australian sector watch
Looking over the charts
- The Aussie 200 index has been unable to halt the downward slide, falling 30 points on the open before steadying and then after another push lower, managed to rally for the last hour of trading.
- The 5530 level has is a key point in the market and was a resistance point for many occasions over the last 5 months and it appears our market will potentially use this as support in the short term.
- Stochastics has halted the downward momentum and appears to be consolidating in the oversold region and, given this is in the midst of a medium to long term uptrend, could be a turning point for our market.
- Support is right on the current market price at 5530 and then below that at 5500. Resistance continues to build, with overhead levels at being 5560 and 5600.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
53% of stocks are showing oversold levels, 7% are showing overbought levels and 51% 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:
- BKN BRADKEN +4.72%
- BSL BLUESCOPE STEEL +4.21%
- EVN EVOLUTION MINING +3.03%
- ABP ABACUS PROPERTY GROUP +2.58%
- WTF WOTIF.COM HOLDINGS +2.37%
Top 5 Losers:
- MYR MYER HOLDINGS -6.05%
- MTU M2 GROUP -6.01%
- BRU BURU ENERGY -4.07%
- WSA WESTERN AREAS -3.35%
- FXJ FAIRFAX MEDIA -3.07%
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