Local traders received little direction from the international bourses overnight but grabbed the opportunity to buy local stocks with a gusto, sending our local index to close at the highest price since April 2008, buoyed along by Toll Holdings receiving a take-over bid from a Japanese Post. Toll’s share price closed up a massive 47.2 per cent.
How did the Aussie market perform today?
S&P/ASX200 gained 57.5 points or +0.97% on volume of $5.84 billion, closing at 5915.7.
Australian sector watch
Looking over the charts
- The Aussie 200 Index continues to impress to the upside, rebounding from any intraday weakness and marching on towards to multi-year highs, with today’s daily chart and lose looking extremely strong.
- We nearly had a rising three periods candlestick formation over the last 4 days and we had everything except a 3rd small candle before today’s strong up day. Rising three period’s formations are typically quite strong and we might be able to get away with calling this a rising two day candlestick formation.
- Markets are sending quite the ominous sign of further continued strength with today’s positive day accompanied by strong volume ($5.4 billion), indicating more bullish tones to come.
- Support is currently (everywhere) but the key figures being 5900, 5880 and below that at 5850. Resistance is getting tricky due to short term blue sky territory, so it would be fair to say we’ll need some retracements before we get any meaningful resistance levels.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
9% of stocks are showing oversold levels, 39% are showing overbought levels and 70% 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:
- TOL TOLL HOLDINGS +47.20%
- SRX SIRTEX MEDICAL +12.29%
- HZN HORIZON OIL +8.70%
- KAR KAROON GAS AUSTRALIA +6.51%
- LNG LIQUEFIED NATURAL GAS +6.06%
Top 5 Losers:
- GMA GENWORTH MORTGAGE INSURANCE AUSTRALIA -22.79%
- AAD ARDENT LEISURE GROUP -15.88%
- IAG INSURANCE AUSTRALIA GROUP -8.45%
- FBU FLETCHER BUILDING -5.44%
- BCI BC IRON -5.36%
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