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ASX Top Gainers & Losers plus Market Snapshot – 26 September 2014

Apple shares took a large chunk out of investors’ confidence overnight and pushed global indices lower amidst geopolitical tensions and the underlying issue of China’s slowing economy. Locally our market fell a disappointing 68.8 points, with every sector in the red with Information Technology feeling the most heat, down 1.92 per cent.

How did the Aussie market perform today?

S&P/ASX200 lost 68.8 points or -1.29% on volume of $5.3 billion, closing ­­at 5313.4.

Australian sector watch

26Sep2014

Looking over the charts

  • The Aussie 200 index was on a fast track down below key support levels following negative overseas leads and it is not uncommon for key support levels to be broken in this fashion.
  • Bargain hunters often accumulate orders around key support levels, buying off oversold levels and when you combine this with those feeling the pain from higher up, you can get a flurry of selling activity.
  • Momentum is clearly favouring the bears and the big question now is, is this part of a bigger correction with worse to come or is this part of a minor pull back that will consolidate and head higher once again?
  • Support has now been pushed down to lower levels and is sitting at 5300-5305 and then below that at 5260. Resistance is now at 5340 and above that at 5370 and will take some time to test those levels now.

ASX-200-market-update-26-September-2014

Chart Courtesy of Invast MT4

ASX top 200 stock analysis

42% of stocks are showing oversold levels, 9% are showing overbought levels and 33% 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.

ASX-200-market-update-14-Jan-2014

S&P/ASX 200 Gainers and Losers

Top 5 gainers:

  • MML     MEDUSA MINING +9.20%
  • NST        NORTHERN STAR RESOURCES +4.69%
  • CVO       COVER-MORE GROUP +3.72%
  • BDR        BEADELL RESOURCES +3.70%
  • RSG        RESOLUTE MINING +2.30%

Top 5 Losers:

  • MGX      MOUNT GIBSON IRON -8.20%
  • LNG       LIQUEFIED NATURAL GAS -5.98%
  • WSA      WESTERN AREAS -4.42%
  • AGO      ATLAS IRON -4.08%
  • CAB        CABCHARGE AUSTRALIA -4.01%

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

Friday, 26 Sep, 2014 / 8:29

Source : http://blog.invast.com.au/news/asx-top-gainers-losers-plus-market-snapshot-26-september-2014#.VCUjkfmSwYE

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