Momentum in the slide in Crude Oil prices continues unabated as the price of WTI Crude fell an astonishing 5 per cent to $46.07 a barrel in overnight trading, leaving our energy sector down a massive 1.73 per cent, providing an insurmountable road block for our Aussie Index, which fell 18 points or 0.3 per cent. Gold was a minor beacon of hope as it rose to fresh 3 month highs with our Aussie Dollar consolidating around 0.8160.
How did the Aussie market perform today?
S&P/ASX200 lost 18 points or -0.33% on volume of $3.11 billion, closing at 5404.7.
Australian sector watch
Looking over the charts
- The Aussie 200 Index fell a quick-fire 45 points on the open following the desperately weak leads on the international bourses but managed to find some composure some 3 hours later, testing the previous day’s close.
- Continuing on from yesterday’s comments, we are still in somewhat of a ‘no-man’s land’ as our index moves from intraday high to intraday low, solidifying the common support and resistance lines.
- With international markets in fairly solid uptrends, we are just waiting for a change of fortune around the key commodities before our market may begin to find some footing and charge forward.
- Support is currently sitting at 5370 and below that at 5350 with resistance above at 5400, 5420 and 5445.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
11% of stocks are showing oversold levels, 27% are showing overbought levels and 52% 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:
- EVN EVOLUTION MINING +8.98%
- NST NORTHERN STAR RESOURCES +5.23%
- SUL SUPER RETAIL GROUP +4.39%
- AWC ALUMINA +4.24%
- TSE TRANSFIELD SERVICES +3.81%
Top 5 Losers:
- MGX MOUNT GIBSON IRON -11.32%
- AGO ATLAS IRON -11.11%
- CDD CARDNO -8.28%
- HZN HORIZON OIL -7.14%
- BCI BC IRON -6.92%
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