Alexis Tsipras and his left wing party have won the Greek election and are keen to put their anti-austerity measures in place and this has seemingly been very welcomed by the European indices with Germany’s DAX index hitting all-time record highs. The Aussie 200 index continues to march forward, adding a steady 45.8 points or 0.8% as bullish investors continue to eye off the highs back in August for a potential break in to new six year highs. The Aussie Dollar continues to languish below 80 cents with the price of Gold falling more than 1 per cent, down around the $1277 level.
How did the Aussie market perform today?
S&P/ASX200 gained 45.4 points or +0.82% on volume of $4.63 billion, closing at 5547.2.
Australian sector watch
Looking over the charts
- The Aussie 200 index finally pushed through the first key resistance level at 5480, closing well above that today and is poised to break above the next key resistance at 5545.
- It appears the ECB’s announcement to buy $60 Billion Euro’s a month in debt has been a real boost to our local banks and property trust sector as they continue their incredible bullish run and the likes of Commonwealth Bank (CBA:ASX) hit another record high closing price.
- Momentum over the last six trading sessions has been decidedly bullish and the stochastic is well and truly in the overbought region. We note that some 63% of the top 50 ASX stocks are currently hitting equal or higher highs, confirming yet again the power of this current bullish move.
- Support is currently sitting at 5515 and then below that at 5500 with the next main line of defence at 5450. Resistance is now at 5545 (near Tuesday’s high) and above that we’ve got some clear short term blue sky.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
11% of stocks are showing oversold levels, 38% are showing overbought levels and 56% 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:
- LNG LIQUEFIED NATURAL GAS +16.41%
- MGX MOUNT GIBSON IRON +9.52%
- PDN PALADIN ENERGY +9.23%
- RMD RESMED INC +7.44%
- AGI AINSWORTH GAME TECHNOLOGY +5.54%
Top 5 Losers:
- LYC LYNAS CORPORATION -19.35%
- ARI ARRIUM -9.76%
- NST NORTHERN STAR RESOURCES -7.86%
- BDR BEADELL RESOURCES -7.25%
- PNA PANAUST -6.02%
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