Stimulus plans by the European Central Bank (ECB) provided somewhat of a bedrock for global indices Thursday night, with Mario Draghi pledging $60 billion per month in stimulus and stopping when they’re asset purchases total $1.1 trillion. Equity markets jumped considerably with German’s Dax index at all-time record highs and the US markets enjoying a 1.5 per cent rise on the day. The Aussie 200 Index followed suit, pushing ahead a robust 75.2 points or 1.4 per cent with all sectors firmly in the black.
How did the Aussie market perform today?
S&P/ASX200 gained 81.9 points or +1.49% on volume of $4.03 billion, closing at 5501.8.
Australian sector watch
Looking over the charts
- The Aussie 200 Index has carried forward recent positive momentum after finding support at 5300 earlier in the week and has had three very positive closes in a row.
- Those in the bullish camp will be rejoicing, although they will be tested at current levels just shy of 5500, as it is sitting on a double top.
- With recent bullish closes, it would not surprise anyone if this momentum continues and we see a firm close above 5500.
- On the hourly chart we notice text-book perfect higher lows and higher highs and support is sitting at 5465 and below that at 5430 and 5400 with resistance above at 5500-5507 and then a little bit of blue sky till 5550.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
17% of stocks are showing oversold levels, 31% are showing overbought levels and 52% 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:
- LYC LYNAS CORPORATION +8.77%
- LNG LIQUEFIED NATURAL GAS +8.26%
- SXY SENEX ENERGY +7.69%
- ILU ILUKA RESOURCES +7.42%
- AGI AINSWORTH GAME TECHNOLOGY +6.27%
Top 5 Losers:
- ARI ARRIUM -8.89%
- SDF STEADFAST GROUP -7.35%
- SKE SKILLED GROUP -6.29%
- BCI BC IRON -4.21%
- HZN HORIZON OIL -3.85%
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