Despite the US Markets being closed for Martin Luther King day, the Asian session was quite active with the Nikkei Index breaking out of a recent range and the Aussie 200 Index managing to hold on to current support levels and remain flat for the session after being down around 25 points from Monday’s close. Chinese GDP figures came in at 7.3 per cent versus the expected 7.2 per cent but the Aussie Dollar was unable to benefit from that news, falling to 0.8182.
How did the Aussie market perform today?
S&P/ASX200 lost 1.4 points or -0.03% on volume of $3.65 billion, closing at 5307.7.
Australian sector watch
Looking over the charts
- The Aussie 200 Index gained little insight from the US or European markets overnight and traded in a narrow 30 point range, testing the downside support levels yet again.
- It appears there are a number of traders who are looking to accumulate the index at these levels and despite this, we appear unable to gain traction to the upside.
- Over the last 4 sessions we’ve been unable to break out of this consolidation zone with momentum eeking towards the bearish side, but should we hold current support levels and bounce, then we’re likely to see momentum pile in on the bullish side.
- Support is currently sitting at 5280 and below that at 5260 with resistance overhead at 5315 and above that at 5350.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
46% of stocks are showing oversold levels, 10% 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:
- SIR SIRIUS RESOURCES NL +8.66%
- NST NORTHERN STAR RESOURCES +7.16%
- QUB QUBE HOLDINGS +5.73%
- GUD G.U.D. HOLDINGS +5.59%
- CAB CABCHARGE AUSTRALIA +4.35%
Top 5 Losers:
- SXY SENEX ENERGY -7.02%
- BCI BC IRON -6.60%
- SXL SOUTHERN CROSS MEDIA GROUP -6.57%
- BPT BEACH ENERGY -5.82%
- LNG LIQUEFIED NATURAL GAS -5.78%
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