Lacklustre overseas bourses were no road block for the Aussie 200 index today, which powered above the 5600 level, providing fresh six year highs with highlights coming from the Utilities and Industrial sectors. Quite a big economic announcement night with US GDP and the interest rate decision at the FOMC meeting in Washington.
How did the Aussie market perform today?
S&P/ASX200 gained 34.5 points or +0.61% on volume of $3.6 billion, closing at 5622.9.
Australian sector watch
Looking over the charts
- The Aussie 200 index enjoyed another positive day, decoupling from the flat trading sessions across Europe and the US, pushing through the 5600 and more importantly, closing above that level.
- With strength coming through most Asian bourses it appears we are going to see more of a continued uptrend going forward and this is despite the fact that both Gold and Copper recently had losing sessions.
- On an intraday basis our market jumped out of the gates early pushing the barriers at the 5630 level but failed to impress further from that level, tracking sideways to slightly down for the last 4 hours of the session.
- Support is currently sitting back down at 5600 and then at 5565 and these levels continue to firm up. Resistance levels require us to look back 6 years and 5645 stands out as an initial resistance point but for the near term we see blue sky territory ahead.
ASX top 200 stock analysis
12% of stocks are showing oversold levels, 37% are showing overbought levels and 70% 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:
- ALQ ALS +6.00%
- MGX MOUNT GIBSON IRON +5.15%
- AGO ATLAS IRON +5.04%
- CAB CABCHARGE AUSTRALIA +4.72%
- QBE QBE INSURANCE GROUP +4.45%
Top 5 Losers:
- LYC LYNAS CORPORATION -4.65%
- TME TRADE ME GROUP -4.08%
- MML MEDUSA MINING -3.97%
- RSG RESOLUTE MINING -2.38%
- AGI AINSWORTH GAME TECHNOLOGY -2.33%
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