Incredible moves in the overnight markets with the Dow Jones reversing over 400 points whilst Crude continues to fall, but all eyes have been on the price of Copper as the price plummeted over 6 per cent Tuesday night, leaving many of our largest Copper miners in dire straits and the Materials sector down 2.71 per cent.
How did the Aussie market perform today?
S&P/ASX200 lost 51.1 points or -0.95% on volume of $4.18 billion, closing at 5353.6.
Australian sector watch
Looking over the charts
- The Aussie 200 Index didn’t quite enjoy the sensational rollercoaster ride of its international counterparts and instead traded consistently lower all day as Copper reared its ugly head in overnight trading, concerning traders to the extent of dropping our index 51.1 points.
- It wasn’t just our miners either as banks took a hit late in the trading session, leaving our market to close on its lows of the trading session, providing a bearish undertone going forward.
- Momentum continues to meander around providing no clear indication of whether the bulls or bears are in control as our index fights between key support levels but it must be said, something is going to give sooner or later.
- Support is currently sitting at the current market price of 5340 and below that at 5310 and 5300. Resistance continues to build and is sitting at 5360, 5375 and 5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
28% of stocks are showing oversold levels, 19% are showing overbought levels and 47% 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:
- HVN HARVEY NORMAN HOLDINGS +6.65%
- ILU ILUKA RESOURCES +5.05%
- LNG LIQUEFIED NATURAL GAS +5.00%
- MGX MOUNT GIBSON IRON +4.26%
- MFG MAGELLAN FINANCIAL GROUP +3.50%
Top 5 Losers:
- OZL OZ MINERALS -11.68%
- ARI ARRIUM -11.11%
- PNA PANAUST -9.69%
- BCI BC IRON -9.09%
- SFR SANDFIRE RESOURCES NL -8.97%
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