Friday’s market action saw a bevy of bullish market action with Germany’s Dax index hitting all-time record highs as speculation around the ECB’s stimulus plans continue to get thrown around. US Markets fought back from their previous day’s lows as well, posting excellent gains, but the Aussie 200 Index was unable to hold on to early intraday momentum, after jumping over 70 points, to end the day up 9.9 points. Gold has been the recent outperformer, rising from lows at 1167 per ounce at the start of the year to gain $109 per ounce, sitting at $1276 per ounce, fuelled by all the uncertainty around the Euro and Swiss Franc.
How did the Aussie market perform today?
S&P/ASX200 gained 9.9 points or +0.19% on volume of $3.65 billion, closing at 5309.1.
Australian sector watch
Looking over the charts
- The Aussie 200 index continues to struggle despite strong overseas leads from Friday’s trading. Sentiment seemed to be optimistic with commodities at least heading higher, yet our market has been unable to hold on to those early intraday gains.
- The bias at the moment definitely is more bearish than bullish as we hover around the current lows at 5300 and despite positive gains on international markets, we are unable to even get closer to recent highs.
- Momentum continues to weaken with the stochastics bumbling around near oversold, which, if current levels can hold, could be a positive sign as we attempt a bounce off the double bottom.
- Support is currently sitting at 5300 and below that at 5260-5262. Resistance is sitting at 5350 and above that at 5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
48% of stocks are showing oversold levels, 11% are showing overbought levels and 42% 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:
- SEA SUNDANCE ENERGY AUSTRALIA +11.96%
- OZL OZ MINERALS +8.33%
- ALQ ALS +7.85%
- SFR SANDFIRE RESOURCES NL +7.09%
- MQG MACQUARIE GROUP +5.35%
Top 5 Losers:
- OFX OZFOREX GROUP -10.33%
- ARI ARRIUM -6.98%
- LYC LYNAS CORPORATION -5.36%
- NST NORTHERN STAR RESOURCES -4.56%
- PDN PALADIN ENERGY -4.23%
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