US markets had a rush of blood early in the trading session overnight with positive retail sales figures inspiring traders to favour the bullish side, but that came a little undone towards the end of the session as profit takers stepped in. Our Aussie 200 index vainly attempted to head higher but with the negative commodity headwinds, was unable to, losing ground by 11.4 points by the end of Friday’s session. Plenty of economic data due out Friday evening after our market is closed including Chinese retail sales, industrial product and foreign investment figures.
How did the Aussie market perform today?
S&P/ASX200 lost 11.4 points or -0.22% on volume of $4.67 billion, closing at 5219.6.
Australian sector watch
Looking over the charts
- The Aussie 200 index did everything it could today to hold on to the double bottom technical formation sitting on the 5190-5200 level with signs of accumulative buying from yesterday’s low and a double bottom on the intraday chart as well.
- As we have mentioned over the last 3 sessions, we seem to be finding a bottom with some potential ideal opportunity for those who are looking to buy the dip. Of course it wouldn’t hurt if commodity prices rebounded from here to help push our index higher as well.
- Momentum is lacking at present. Technically our bullish divergence pattern has disappeared with today’s stochastic hitting below the previous low but there is still chance for a weak bullish divergence signal to play out. Failing this and our technical level at 5190 becomes very critical.
- Support is currently sitting at 5190-5200 as mentioned above and below that at 5170. Resistance continues to build around 5240-5250 and above that at 5265 and 5290.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
44% of stocks are showing oversold levels, 13% are showing overbought levels and 32% 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:
- SXY SENEX ENERGY +8.51%
- SFR SANDFIRE RESOURCES NL +4.73%
- AGI AINSWORTH GAME TECHNOLOGY +3.38%
- ORG ORIGIN ENERGY +3.31%
- CRZ CARSALES.COM +3.23%
Top 5 Losers:
- BCI BC IRON -8.75%
- DLS DRILLSEARCH ENERGY -6.71%
- LYC LYNAS CORPORATION -6.25%
- RSG RESOLUTE MINING -6.00%
- SIR SIRIUS RESOURCES NL -5.20%
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