Germany’s DAX index broke lower overnight but recovered quickly and with the FOMC meeting and key economic data due later in the week, markets have been fairly flat, with little interest to push markets strongly higher or lower. Our Aussie 200 index remains poised to break into new recent highs and should our reporting season remain strong, then we should see new highs within the next few days.
How did the Aussie market perform today?
S&P/ASX200 gained 11 points or +0.20% on volume of $3.1 billion, closing at 5588.4.
Australian sector watch
Looking over the charts
- The Aussie 200 index continues to find strength despite fairly flat overnight leads with both European and US indices struggling to find their legs, pushing towards new recent highs and blue sky territory.
- Recent lows have been bought up with vigour but it must be said the uptrend is struggling to break into new highs with any sort of momentum, and with reporting season upon us, it will be interesting to see how things pan out over the next couple of weeks.
- As far as candlestick patterns are concerned we are looking at a near rising 3 periods which is where we see an initial strong candle, followed by 3 down days and then the 5th candle in the sequence is another positive candle. These signals are usually quite reliable so watch this space.
- Support is currently sitting at 5560 and below that at 5535 with resistance at the most recent high at the round figure of 5590-5600 and then more blue sky territory with a potential breakout.
ASX top 200 stock analysis
14% of stocks are showing oversold levels, 35% are showing overbought levels and 67% 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:
- LYC LYNAS CORPORATION +7.50%
- AGO ATLAS IRON +4.39%
- BCI BC IRON +3.98%
- RFG RETAIL FOOD GROUP +3.30%
- JHC JAPARA HEALTHCARE +3.07%
Top 5 Losers:
- QBE QBE INSURANCE GROUP -11.10%
- ALQ ALS -6.48%
- NVT NAVITAS -5.62%
- PDN PALADIN ENERGY -3.70%
- TEL TELECOM CORPORATION OF NEW ZEALAND -3.38%
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