Geo political uncertainty and concerns around Ukraine and Russia continue to limit the potential upside for markets during this unpredictable period of time, which provided a negative session across international bourses, which carried over to the Aussie market, which fell a disappointing 1.30 per cent. Chinese Trade Balance data came in and saw exports rise a huge 14.5 per cent with the Trade Balance figures hitting $47.3 billion in July, up nearly $20bn more than analysts’ expectations at $27.4 billion.
How did the Aussie market perform today?
S&P/ASX200 lost 73.7 points or -1.36% on volume of $3.1 billion, closing at 5435.3.
Australian sector watch
Looking over the charts
- The Aussie 200 Index was troubled by weak overnight leads which saw our index fall into negative territory immediately and was not only not able to recover, but continued the consistent downward slide right into the close.
- A large range bound area is developing from 5370 to 5560 with the current level around 5430 a critical point before any further significant falls could potentially happen.
- Every single sector on the ASX has fallen into the red with the Consumer Discretionary and Property Trust sector the worst hit, falling 1.73 per cent and 1.72 per cent respectively. Momentum continues to gather pace to the downside with the stochastic indicator showing oversold and struggling to bounce back.
- Support is sitting at current levels around 5430 and then 5400 with resistance back up at 5450 and 5485.
ASX top 200 stock analysis
53% of stocks are showing oversold levels, 7% are showing overbought levels and 45% 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:
- RRL REGIS RESOURCES +5.99%
- BDR BEADELL RESOURCES +5.94%
- HZN HORIZON OIL +4.62%
- RSG RESOLUTE MINING +2.74%
- PBG PACIFIC BRANDS +2.73%
Top 5 Losers:
- REA REA GROUP -8.41%
- HGG HENDERSON GROUP PLC -7.76%
- BRU BURU ENERGY -5.48%
- FXL FLEXIGROUP -4.68%
- KMD KATHMANDU HOLDINGS -4.53%
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