Strong rallies over the last couple of days across Europe, the US and Asia have provided a sense of optimism for share investors as global markets do everything they possibly can to move back to recent highs and the ECB continues to hint at further QE. Across the sectors we had full green screens with the biggest gains seen on the Materials sector.
How did the Aussie market perform today?
S&P/ASX200 gained 60.9 points or +1.13% on volume of $4.57 billion, closing at 5385.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index has well and truly recovered a large chunk of the recent losses with many suggesting the selloff was too far and too fast, with our market now approaching a fairly strong resistance point around the 5390-5400 level, which it hit several times over the last few months.
- On an intraday basis our market shot up over 50 points in the first 20 minutes, after very strong consecutive days of gains in US markets, before consolidating those gains towards lunch, and more importantly, continued to rally into the close with the Aussie 200 Index closing on its highs of the day.
- Stochastics are not likely to get more overbought than what they currently are and overbought and oversold signals do tend to work best when coming off lower highs or high lows, so we are in that zone and it will be interesting to see if these levels persist and we see a hesitation at current levels.
- Support is currently sitting at 5370 and below that at 5340 and 5300 with resistance at 5400 and above that at 5420.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
9% of stocks are showing oversold levels, 38% are showing overbought levels and 33% 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:
- NST NORTHERN STAR RESOURCES +7.42%
- MGX MOUNT GIBSON IRON +6.06%
- BDR BEADELL RESOURCES +6.06%
- SRX SIRTEX MEDICAL +5.59%
- HGG HENDERSON GROUP PLC +5.52%
Top 5 Losers:
- LYC LYNAS CORPORATION -9.20%
- BKN BRADKEN -4.92%
- AGO ATLAS IRON -2.70%
- RSG RESOLUTE MINING -1.43%
- QUB QUBE HOLDINGS -1.22%
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