European indices closed down amidst continuing issues surrounding Russia and Ukraine but the Dow Jones managed to bounce back from being down over 100 points to close the session 42 points in the red. With several key ASX companies reporting on Friday, our local Aussie 200 index managed a relatively neutral day, bouncing between slightly positive and slightly negative.
How did the Aussie market perform today?
S&P/ASX200 gained 1.5 points or 0.00% on volume of $6.2 billion, closing at 5625.9.
Australian sector watch
Looking over the charts
- The Aussie 200 index had another incredible low volatility day, oscillating in an extremely narrow 16 point range as volatility shrinks down to 36 points per day.
- We seem to be at a key juncture on the Aussie 200 with our market having a short term bias towards the negative but in the midst of a solid medium to long term uptrend. Bears may win the short term battle whilst bulls continue to identify their preferred ‘buy-the-dip’ zones on any pullback.
- Day traders are likely to be trying to find other markets at present with such narrow ranges but hopefully next we’ll see some better movement as more importantly economic data starts flowing.
- Support is sitting at 5600 initially and below that we have 5585. Resistance is sitting at 5645 around the recent consolidation levels and then 5684, which are the most recent highs.
ASX top 200 stock analysis
16% of stocks are showing oversold levels, 27% are showing overbought levels and 65% 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:
- TSE TRANSFIELD SERVICES 23.76%
- HVN HARVEY NORMAN HOLDINGS 6.23%
- PPT PERPETUAL 5.95%
- QAN QANTAS AIRWAYS 5.60%
- PDN PALADIN ENERGY 5.56%
Top 5 Losers:
- WES WESFARMERS -3.36%
- SWM SEVEN WEST MEDIA -3.00%
- WOR WORLEYPARSONS -2.87%
- SIR SIRIUS RESOURCES -2.84%
- MGX MOUNT GIBSON IRON -2.50%
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