Copper has managed to stop the free fall, following a 9 per cent price slump over the last 4 days as talk of a global recession begin to get thrown around. As a result, the US markets saw little joy overnight, steadily declining throughout the session, paving the way for a less than inspiring session for our Aussie 200 Index, which fell 22.2 points. Australia’s employment figures came out, adding a better than expected 37,400 jobs and dropping our headline unemployment rate to 6.1 per cent.
How did the Aussie market perform today?
S&P/ASX200 lost 22.2 points or -0.42% on volume of $4.67 billion, closing at 5331.4.
Australian sector watch
Looking over the charts
- The Aussie 200 Index has managed to hold on to current levels despite the successful sell-off in the US markets overnight. In addition, Copper has had a horror run, which has sent our largest miner, BHP Billiton, tumbling below $27.
- We’ve had quite a bit of accumulative buying in the last two trading session as bargain hunters scoop up the index and many of the top shares are potentially bargain basement prices.
- Momentum continues to run on empty and no definite direction can be found at the moment as market participants try and establish the bigger trends for 2015.
- Support is currently sitting at 5310 and 5295-5300. Resistance continues to build and is sitting at 5360, 5375 and 5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
40% of stocks are showing oversold levels, 14% are showing overbought levels and 43% 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:
- LNG LIQUEFIED NATURAL GAS +11.90%
- AGI AINSWORTH GAME TECHNOLOGY +9.28%
- SXY SENEX ENERGY +5.45%
- DLS DRILLSEARCH ENERGY +4.90%
- PTM PLATINUM ASSET MANAGEMENT +4.72%
Top 5 Losers:
- SFR SANDFIRE RESOURCES NL -7.39%
- AWC ALUMINA -6.89%
- WSA WESTERN AREAS -6.30%
- IGO INDEPENDENCE GROUP NL -5.09%
- TSE TRANSFIELD SERVICES -4.64%
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