Minor profit taking seemed to be the order of the day with international bourses taking a small step back with the DAX index the hardest hit, losing 1.69 per cent. The Aussie 200 Index was unable to overcome the bearish bias and commodities didn’t impress enough to push our market out of the red all day, losing a modest 14.3 points. The Aussie Dollar is currently sitting just above 78 cents and Gold managed to hold on to current support and is at $1,243 per ounce.
How did the Aussie market perform today?
S&P/ASX200 lost 14.3 points or -0.25% on volume of $3.96 billion, closing at 5800.6.
Australian sector watch
Looking over the charts
- The Aussie 200 Index had a fairly quiet session today, relatively speaking, trading in a narrow 30 point range but unable to find an abundance of buyers. Buying at this stage seemed a little muted but it must be said we didn’t see an abundance of sellers either.
- Interesting to note that the daily and hourly chart on the SPI is setting up for a bullish flag pattern where we see a common support line and recent highs getting lower (picture a flag). These normally complete by breaking higher and then retracing strongly once the bullish part of the leg is complete.
- The hourly chart shows our market is oversold and sitting on support, which is a bullish sign but our market much hold the current support level. Conversely the daily chart is showing fully overbought as are the individual stocks on the ASX as noted below. The immediate support is going to be critical.
- Support is currently sitting at 5800 and then the main hourly support is at 5780 and below that at 5750. Resistance is sitting at 5830 and above that at 5850.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
5% of stocks are showing oversold levels, 52% are showing overbought levels and 67% 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:
- SGH SLATER & GORDON +8.62%
- TAH TABCORP HOLDINGS +5.73%
- MSB MESOBLAST +4.21%
- QAN QANTAS AIRWAYS +4.02%
- DLS DRILLSEARCH ENERGY +3.19%
Top 5 Losers:
- BKN BRADKEN -22.22%
- BCI BC IRON -5.79%
- AWC ALUMINA -5.78%
- SXY SENEX ENERGY -5.13%
- TEN TEN NETWORK HOLDINGS -4.76%
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