Energy and Material stocks were under pressure today as commodity prices weakened in overnight trading, providing the divergence yet again between our mining and finance stocks, which laid the foundation for a fairly lacklustre trading session with our Aussie 200 index trading in a narrow 20 point range. In overnight trading both the European and US markets were mixed and the Aussie Dollar managed a push higher thanks to better than expected CAPEX numbers.
How did the Aussie market perform today?
S&P/ASX200 gained 4.7 points or +0.09% on volume of $4.59 billion, closing at 5400.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index has been a mixed bag over the last 24 hours, rallying on Wednesday’s overnight session and consolidating those gains over today’s session, which isn’t too bad considering the underperformance of commodity prices.
- The hourly chart has a bullish bias with recent higher lows and higher highs, with a reasonable base forming at the 5390 level. Traders tested this level on the open today but the buyers stepped in to hold the index just above this new line in the sand.
- Momentum is much like the hourly chart, sitting in ‘no-man’s land’ and our thinking is if the short term support at 5390 can hold, then we’re setting up for a short term break higher.
- Support is below the current market price at 5390 and below that at 5360 with resistance sitting at 5420-5425 and above that at 5465.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
20% of stocks are showing oversold levels, 16% are showing overbought levels and 44% 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:
- ALQ ALS +4.26%
- AHY ASALEO CARE +3.43%
- GXL GREENCROSS +3.29%
- WHC WHITEHAVEN COAL +3.17%
- OFX OZFOREX GROUP +3.11%
Top 5 Losers:
- AGI AINSWORTH GAME TECHNOLOGY -7.82%
- EVN EVOLUTION MINING -6.56%
- BDR BEADELL RESOURCES -6.38%
- DMP DOMINO’S PIZZA ENTERPRISES -6.05%
- TEN TEN NETWORK HOLDINGS -5.77%
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