$4.3 billion in fines will be served to six banks, with the possibility of a few more, over manipulation of the foreign exchange rates, hitting JP Morgan, Citibank, Royal Bank of Scotland and UBS the hardest. Gail Kelly, Westpac’s current CEO, will be stepping down in February next year, serving out what can only be described as an excellent career, steering Westpac to some incredible growth in her time at the helm. As for the markets, we saw some mixed trading sessions in Europe and the US with the Australian market unable to contain the selling pressure, falling 20.4 points by the close of the session, with Gold and Crude Oil still under pressure.
How did the Aussie market perform today?
S&P/ASX200 lost 20.4 points or -0.37% on volume of $4.75 billion, closing at 5442.7.
Australian sector watch
Looking over the charts
- The Aussie 200 index was unable to escape the selling pressure today, despite the vain attempt to push higher on the open. From there it was a rapid decline before some bargain hunters stepped in to steady the ship.
- The last 30 minutes of trading saw the index fall to the lows of the day, providing the bullish camp some tricky decision to make over the next few trading sessions as the 5430 level is a moderate level of support. Below that we could see a rapid pull back.
- Momentum continues to gather pace to the downside with the stochastic heading rapidly from overbought to the oversold territory but still has some room to move to the downside. The key levels now are the big trading zone from April to June between 5360 and 5430, so we could see a bit of ‘no-man’s land just below the current price.
- Support is currently sitting at 5430 (current price) and then below that at 5390-5400 and 5360 has quite a bit of touch points. As for resistance we are seeing it at 5470 and 5500.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
29% of stocks are showing oversold levels, 22% are showing overbought levels and 44% 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:
- MML MEDUSA MINING 5.10%
- SIR SIRIUS RESOURCES NL 4.10%
- PDN PALADIN ENERGY 3.90%
- QAN QANTAS AIRWAYS 2.59%
- GMA GENWORTH MORTGAGE INSURANCE AUSTRALIA 2.55%
Top 5 Losers:
- TNE TECHNOLOGY ONE -6.40%
- SXY SENEX ENERGY -4.40%
- WHC WHITEHAVEN COAL -4.05%
- BDR BEADELL RESOURCES -3.92%
- MRM MERMAID MARINE AUSTRALIA -3.63%
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