Extremely weak overnight leads, thanks to geopolitical concerns, provided a sombre setting for the local Aussie market, which retreated quickly on open, following the 0.84 per cent drop on the Dow Jones index, which saw our market lose 6.6 points for the day. All eyes will be on the Australian unemployment figures due tomorrow at 11:30am.
How did the Aussie market perform today?
S&P/ASX200 lost 6.6 points or -0.12% on volume of $2.1 billion, closing at 5512.
Australian sector watch
Looking over the charts
- The Aussie 200 index managed to break below recent support levels around 5520, which could have spelt trouble for the index but instead our market fought back to hold on to the next level of support and remain above 5500.
- On a daily basis the market is showing an oversold reading and when you see the percentage of stocks in the top 200 oversold, you see the is a real chance for a strong fight back to potentially higher levels.
- On an intraday basis our market fell hard initially and after an initial buying period around 11am, the market consolidation in a narrow 8-10 point range for the rest of the day.
- Support is now sitting at 5500 and the market is now sitting in a huge consolidation period between 5370 and 5560 or 190 points. The next line of support is at 5490 and 5455. Resistance is continuing to build with every lower high hit and we’re watching out for 5530 and 5560.
ASX top 200 stock analysis
48% of stocks are showing oversold levels, 9% are showing overbought levels and 54% 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:
- MML MEDUSA MINING +6.08%
- MTU M2 GROUP +3.12%
- COH COCHLEAR +2.64%
- RSG RESOLUTE MINING +2.59%
- SKE SKILLED GROUP +2.42%
Top 5 Losers:
- OFX OZFOREX GROUP -8.26%
- BDR BEADELL RESOURCES -6.06%
- BRU BURU ENERGY -5.81%
- BKN BRADKEN -5.51%
- LYC LYNAS CORPORATION -3.23%
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