US and European bourses made impressive gains overnight, paving the way for a solid recovery from yesterday’s Aussie 200 falls, with our market benefiting from solid results from Resmed (RMD:ASX), AMP (AMP:ASX) and Qantas. Across the board we saw all sectors rising, despite Iron Ore and Gold dragging lower in overnight trading, leaving our Materials sector flat for the session.
How did the Aussie market perform today?
S&P/ASX200 gained 29.1 points or +0.54% on volume of $4.3 billion, closing at 5412.2.
Australian sector watch
Looking over the charts
- The Aussie 200 index has managed to hold on to the recent excellent gains off the back on some impressive US market action, but we’re certainly not out of the woods just yet, with plenty of overhead resistance to contend with.
- There has been a lot of consolidation between 5370 and 5460, starting back in February this year, with plenty of touch points around those support and resistance levels.
- Right now we are sitting in no-man’s land around the levels mentioned above with the stochastics showing well and truly overbought but now we are noticing the 100 period moving average has started moving sideways and resistance is likely to be firm around 5460.
- Support is currently sitting at 5400 and below that at 5370 and 5340 with resistance at 5420 and above that at 5460.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
8% of stocks are showing oversold levels, 58% are showing overbought levels and 38% 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:
- BKN BRADKEN +6.53%
- RMD RESMED INC +6.52%
- LEI LEIGHTON HOLDINGS +5.40%
- SGN STW COMMUNICATIONS GROUP +5.02%
- QAN QANTAS AIRWAYS +3.64%
Top 5 Losers:
- NST NORTHERN STAR RESOURCES -7.84%
- LYC LYNAS CORPORATION -6.85%
- BDR BEADELL RESOURCES -4.35%
- PDN PALADIN ENERGY -4.35%
- TEN TEN NETWORK HOLDINGS -4.08%
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