Energy and Material stocks wore the worst of the selling pressure after both Gold and Crude Oil continued to weaken in overnight trading, despite their recent vain attempt to push higher, paving the way for our Aussie 200 index to lose some 30 points from the early intraday high. Over the last 2 trading sessions, Gold has fallen $30 per ounce and with the commodities coming under pressure, it has meant the Aussie Dollar has continued its recent downtrend and is now sitting at 0.8623.
How did the Aussie market perform today?
S&P/ASX200 lost 6.9 points or -0.13% on volume of $4.91 billion, closing at 5517.1.
Australian sector watch
Looking over the charts
- The Aussie 200 index was always going to be struggling over the last few sessions with 3 of the 4 big banks going ex-dividend, with Westpac doing the rounds today, providing a soft session for our market, although we did see a bounce off the lows around 5510.
- On the hourly chart we are seeing plenty of resistance overhead but it is worth noting that the recent lows are getting higher from 5480 to 5495 to 5500 and then 5510. Clearly it is going to be important for these levels to hold and now most of the big dividends are out of the way, we may see some further upside.
- Bearish divergence continues to be the main theme we are noticing with our market unable to break higher and the stochastics consistently making lower highs on the daily chart. When we move across to the hourly chart we are actually hitting a higher low in combination with an oversold and turning condition. Generally a positive signal.
- Support is currently sitting at 5500-5510 and below that at 5480 with resistance now sitting at 5530 and above that at 5555-5560.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
16% of stocks are showing oversold levels, 37% are showing overbought levels and 50% 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:
- PDN PALADIN ENERGY 6.76%
- IPL INCITEC PIVOT 5.48%
- LYC LYNAS CORPORATION 5.00%
- ALL ARISTOCRAT LEISURE 3.17%
- BRG BREVILLE GROUP 2.39%
Top 5 Losers:
- BDR BEADELL RESOURCES -10.71%
- MGX MOUNT GIBSON IRON -8.60%
- MML MEDUSA MINING -8.41%
- AGO ATLAS IRON -7.55%
- NST NORTHERN STAR RESOURCES -7.41%
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