US Markets took a turn for the worse overnight, losing ground quickly, before recovering for the rest of the session, providing a glimmer of hope for the Aussie market bulls, which unfortunately did not eventuate. Our local Aussie index maintained momentum to the downside on open, dropping a quick-fire 60 points before replicating the US market by rallying towards the close, finishing the day down 23.7 points.
How did the Aussie market perform today?
S&P/ASX200 lost 23.7 points or -0.45% on volume of $5.377 billion, closing at 5259.
Australian sector watch
Looking over the charts
- The Aussie 200 index was sold off yet again but it does appear to be finding some common ground as commodities start to firm and in some cases, head higher, such as the price of Gold overnight.
- As the index has moved lower, it is clear to note that we are seeing some bullish divergence in the stochastics, especially from the most recent low on the 1st of December.
- As it stands, there appears to be a possibility for a low below the 1st of December low to confirm the bullish divergence, or we could see a break higher from here as the stochastics isn’t faltering at current levels.
- Support is starting to build and we see it sitting at 5230 and below that at 5200. Above the current level, we see resistance at 5280 and above that at 5300 and then the next level is 5330.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
29% of stocks are showing oversold levels, 17% are showing overbought levels and 37% 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:
- RSG RESOLUTE MINING +10.64%
- MGX MOUNT GIBSON IRON +10.53%
- RRL REGIS RESOURCES +8.78%
- NST NORTHERN STAR RESOURCES +7.69%
- BDR BEADELL RESOURCES +7.50%
Top 5 Losers:
- HZN HORIZON OIL -11.76%
- BCI BC IRON -7.06%
- SEA SUNDANCE ENERGY AUSTRALIA -6.25%
- PRY PRIMARY HEALTH CARE -6.03%
- TPM TPG TELECOM -5.62%
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