ASX Top Gainers & Losers plus Market Snapshot – 2 September 2014

Interest rates have been left on hold, as per the Reserve Bank of Australia’s decision today, which did little to inspire Aussie Dollar traders, pushing our currency pair below support at 0.9325, closing the Aussie session at 0.9295. The weakness across our currency pair combined with keeping rates on hold seemed to provide a necessary push for the Aussie 200 index, which rallied into the close, jumping a solid 28.7 points for the day.

How did the Aussie market perform today?

S&P/ASX200 gained 28.7 points or +0.51% on volume of $3 billion, closing ­­at 5658.5.

Australian sector watch

Looking over the charts

• The Aussie 200 index managed to bounce firmly off support and rally right into the close, providing the necessary inspiration for the bulls to jump back on board and push our index higher, despite no leads from the US markets due to the Labor Day holiday.
• Today’s bullish candle almost totally engulfs the previous 7 days of trading, forming a fairly strong, but not technically perfect, bullish engulfing pattern as it pushes towards new 6 year highs.
• What will be interesting over the next few trading session is whether we can hit higher highs and how the stochastic reacts to this because the chart below is showing some minor levels of possible bearish divergence.
• Support is now at the 5660 level, which is right on the current market price and then below that at 5640 and then 5625. Resistance is minor and is sitting at 5670 and then recent highs at 5684.

Chart Courtesy of Invast MT4

ASX top 200 stock analysis

22% of stocks are showing oversold levels, 29% are showing overbought levels and 66% 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:

• PDN       PALADIN ENERGY +5.95%
• QAN      QANTAS AIRWAYS +5.17%
• MSB       MESOBLAST +5.11%
• GXL        GREENCROSS +3.59%
• AWE      AWE +3.49%

Top 5 Losers:

• RSG        RESOLUTE MINING -4.55%
• BCI         BC IRON -3.54%
• MML     MEDUSA MINING -3.43%
• HZN       HORIZON OIL -2.94%
• NST        NORTHERN STAR RESOURCES -2.85%

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

Tuesday, 02 Sep, 2014 / 10:48

Source : http://blog.invast.com.au/news/asx-top-gainers-losers-plus-market-snapshot-2-september-2014#.VAWeIfm1a3B