Australian GDP for the June quarter came in above analysts’ expectations, hitting 0.5 per cent versus a 0.4 per cent projected, meaning we achieved a 3.1 per cent rise over the full year. Big moves overnight were on the commodities with Gold and Crude Oil falling heavily as the US dollar again rose to the challenge and continued pushing higher.
How did the Aussie market perform today?
S&P/ASX200 lost 2.4 points or -0.04% on volume of $3.6 billion, closing at 5656.1.
Australian sector watch
Looking over the charts
- The Aussie 200 index continues to threaten the potential upside breakout but just cannot seem to find the right combination of fundamental factors to line up to push the key ASX stocks higher, collectively. Individually, certain stocks and even sectors tend to fly but across the board seems a harder combination.
- If the banks are moving ahead then commodities have a pull back or vice versa. In any case we continue to approach a new recent high, albeit with the forming on some interesting bearish divergence on the stochastic.
- On an intraday basis our market fought back from the selloff across our materials and commodity stocks to get back into the black but by 11am all the market action had been completed, with our market gyrating in a narrow 10 point range for the rest of the day.
- We are seeing support at various levels on the Aussie 200 index down to 5640 and then 5625. Resistance is minor and is sitting at 5670 and then recent highs at 5684.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
21% of stocks are showing oversold levels, 25% are showing overbought levels and 66% 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 +9.68%
- TEN TEN NETWORK HOLDINGS +6.00%
- BKN BRADKEN +5.27%
- DLS DRILLSEARCH ENERGY +4.20%
- MSB MESOBLAST +3.60%
Top 5 Losers:
- BCI BC IRON -6.12%
- BDR BEADELL RESOURCES -5.10%
- ARI ARRIUM -5.06%
- SWM SEVEN WEST MEDIA -4.36%
- WOR WORLEYPARSONS -3.85%
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