UK’s Footsie Index hit all-time record highs on Friday (closing above 7,000) and the Aussie 200 index managed to climb to an intraday high of 6007 but has been unable to carry the momentum forward, as both Health Care and Information Technology stocks struggled to hold their own. Copper had a stellar Friday session thanks to some short covering, rallying 3.8 per cent and hitting new 10 week highs. The Aussie Dollar benefited from US Dollar weakness and has broken above 78 cents and is sitting at 0.7820.
How did the Aussie market perform today?
S&P/ASX200 lost 19.4 points or -0.3% on volume of $3.52 billion, closing at 5956.1
Australian sector watch
Looking over the charts
- The Aussie 200 index has started to consolidate around the 6,000 mark as nervous investors struggled to find enough value to push the index higher.
- With our index sitting right on a double top and showing signs of bearish divergence, we believe the 6000 will be a sort of tipping point. It will either power through with a false breakout or will struggle at current levels and have a short term pullback.
- The possible short term downside play is definitely contrarian as the Aussie 200 index just closed at the highest level since 2008 on Friday, but also offers a fairly high risk reward potential.
- Support is currently sitting at 5950, 5930 and 5900 with resistance at 5985 and above that at 6000 and then recent intraday highs at 6007.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
22% of stocks are showing oversold levels, 29% are showing overbought levels and 62% 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:
- MND MONADELPHOUS GROUP 14.43%
- PMV PREMIER INVESTMENTS 11.07%
- BDR BEADELL RESOURCES 9.25%
- LYC LYNAS CORP 7.14%
- RSG RESOLUTE MINING 6.77%
Top 5 Losers:
- TSE TRANSFIELD SERVICES -4.74%
- OFX OZFOREX GROUP -4.11%
- ALQ ALS -3.48%
- AGI AINSWORTH GAMING -3.44%
- KMD KATHMANDU HOLDINGS -3.38
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