Markets gyrated around nervous support levels in overnight trading, causing many key stop levels to get hit, forcing the international bourses to lose ground, but that didn’t deter traders on the ASX today, pushing our leading index higher by 52.7 points, all but reversing yesterday’s big red day. All sectors were in the black and on the economic front the Chinese HSBC Flash Manufacturing PMI came in higher than expected, with a reading of 50.5.
How did the Aussie market perform today?
S&P/ASX200 gained 52.7 points or +0.97% on volume of $4.2 billion, closing at 5415.7.
Australian sector watch
Looking over the charts
- The Aussie 200 index continues to reverse and gyrate around the key support level between 5370-5400, with today’s market action showing promise, bouncing off the intraday lows around the 5340 level.
- Today was a bullish piercing line candlestick formation, whereby the open gaps down and closes above the mid-point of the previous days candle. Another positive sign was the finish, with our market closing near the highs of the day.
- Intraday traders would be loving this volatility but it must be said that the stochastic is still in the oversold region, despite today’s positive day, but it is making its way back up through the 20 level.
- Support is currently sitting at 5400 and then below that at the all-important 5370 mark. Resistance will hopefully continue to get broken and is at 5430 and 5460.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
42% of stocks are showing oversold levels, 8% are showing overbought levels and 40% 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:
- NUF NUFARM +12.16%
- TPM TPG TELECOM +6.06%
- HZN HORIZON OIL +5.26%
- FXL FLEXIGROUP +4.65%
- SDF STEADFAST GROUP +4.55%
Top 5 Losers:
- AGO ATLAS IRON -4.72%
- TGR TASSAL GROUP -3.77%
- BDR BEADELL RESOURCES -3.45%
- WSA WESTERN AREAS -3.21%
- OZL OZ MINERALS -2.47%
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