Market action across the global bourses seems to be settling down somewhat over recent session with the Greek negotiations and Janet Yellen’s testimony weighing in on the potential indecision, as markets gyrate in narrow ranges at the current lofty levels. One thing for sure is that global indices are breaking into new record highs and as a trader it would be prudent to respect those bullish moves, even if there is a chance of a pull-back. The Aussie 200 index traded in a narrow 45 point range today with the Materials sector leading the way, up 1.1 per cent. The Aussie Dollar took a nose dive and is now trading at 0.7770 and Gold recovered from 6 week lows and is sitting at $1,200 per ounce.
How did the Aussie market perform today?
S&P/ASX200 gained 19 points or +0.32% on volume of $5.42 billion, closing at 5927.
Australian sector watch
Looking over the charts
- The Aussie 200 Index continues to flounder around the current levels, trying vainly to break into new fresh highs, but is finding the going tough with little pressure from the sellers.
- On every dip lower, our market continues to find support from buyers as the 4th week of the ASX reporting season rolls out.
- We continue to monitor the bearish divergence but as mentioned above, new recent highs must be respected so we suggest waiting for confirmation before instigation any long or short positions and monitor your stops and risk management in a smart fashion. It almost feels like something is building as volatility continues to subside.
- Support is currently sitting at 5900 and below that at 5870 with resistance building at 5925, with the recent high at 5951 proving challenging.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
18% of stocks are showing oversold levels, 31% are showing overbought levels and 68% 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:
- FLT FLIGHT CENTRE TRAVEL GROUP +12.06%
- MSB MESOBLAST +11.66%
- ORA ORORA +7.92%
- QBE QBE INSURANCE GROUP +7.24%
- QUB QUBE HOLDINGS +7.20%
Top 5 Losers:
- MRM MMA OFFSHORE -11.68%
- SGN STW COMMUNICATIONS GROUP -8.67%
- VRL VILLAGE ROADSHOW -7.99%
- BCI BC IRON -6.60%
- UGL UGL -5.41%
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