Iron Ore hits fresh five year lows, Gold continues to head lower and the US Dollar continues to hit headlines for all the right reasons. Our Aussie 200 Index has been unable to hold on to recent strong gains as commodity prices tumble, pushes our market to key support levels whilst the Aussie Dollar struggles around the 0.9350 level.
How did the Aussie market perform today?
S&P/ASX200 lost 24.8 points or -0.44% on volume of $3.3 billion, closing at 5631.3.
Australian sector watch
Looking over the charts
- Markets are so tentative and jittery at the moment with our market continuing to test new 6 year highs but failing to push through with any sort of momentum. The last 2 days have been testimony to that process yet again with the market vainly attempting to push higher but giving back all gains earned on Tuesday to approach new recent lows.
- The Aussie 200 index is now back on pivotal support with the bearish divergence we’ve been talking about starting to take firmer hold. Yesterday’s doji star candlestick pattern at the top of the market indicators indecision and coincides with a new double top formation, both of which are not the most positive indications.
- Momentum is really waning with the stochastics looking to show a bearish cross as the indicator heads south and as mentioned, current levels will be critical to see if support can hold.
- Support is sitting at 5600 initially and below that we have 5585. Resistance is sitting at 5645 around the recent consolidation levels and then 5673-5684, which are the most recent highs.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
18% of stocks are showing oversold levels, 21% 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:
- AWE AWE +3.68%
- REC RECALL HOLDINGS +3.67%
- BRG BREVILLE GROUP +2.88%
- SIR SIRIUS RESOURCES NL +2.55%
- SIP SIGMA PHARMACEUTICALS +2.42%
Top 5 Losers:
- LYC LYNAS CORPORATION -5.88%
- IPL INCITEC PIVOT -5.40%
- MIN MINERAL RESOURCES -4.84%
- WTF WOTIF.COM HOLDINGS -4.60%
- CRZ CARSALES.COM -3.71%
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