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
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.
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.
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