Moderately hawkish comments from the FOMC minutes overnight provided a mixed backdrop for the local Aussie index, which bolted on the open before handing back those early gains for the remainder of the session. Copper was the big talking point overnight, rallying from $3.09 to $3.17 per pound whilst Gold has been retreating over the last few sessions.
How did the Aussie market perform today?
S&P/ASX200 gained 4.3 points or +0.08% on volume of $5.3 billion, closing at 5638.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index managed to carry the momentum forward and break new fresh 6 year highs but has retreated from those initial early session highs, to pull back nearly 40 points to barely remain in the black for the session.
- Today’s session has seen a fair amount of distributive selling at the top of the candle with the XJO cash price showing an indecisive shooting star formation, right on the critical breakout point. Yet again we notice the ASX is able to break through to new highs but not convincingly.
- Momentum has been favouring the bulls all week and given the recent aggressive rally it wouldn’t be out of the ordinary to see some consolidation at current levels and we’ll be keeping an eye on this for the next few days.
- Support now sits at 5625 and then the nice round number of 5600. Resistance is minor and we are noticing both 5670 and today’s intraday high of 5684 as the new resistance points.
ASX top 200 stock analysis
4% of stocks are showing oversold levels, 56% are showing overbought levels and 68% 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:
- IRE IRESS +11.11%
- SUL SUPER RETAIL GROUP +5.28%
- AWC ALUMINA +4.44%
- AMP AMP +4.17%
- ORG ORIGIN ENERGY +4.16%
Top 5 Losers:
- BRG BREVILLE GROUP -18.58%
- TTS TATTS GROUP -5.80%
- MML MEDUSA MINING -5.00%
- BCI BC IRON -4.76%
- SXL SOUTHERN CROSS MEDIA GROUP -4.64%
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