Positive leads on both European and US bourses paved the way for some upside momentum on the Aussie 200 index, despite Gold, Silver and Crude oil falling. In addition, we had a really bad GDP read, which saw growth for the year hit 2.7%, with the 3rd quarter delivering a mere 0.3 per cent gain, versus an expectation of 0.7. The optimism behind the Aussie 200 index did not carry over to the Aussie Dollar, which hit fresh recent lows at 0.8387, largely fuelled by the disappointing GDP read.
How did the Aussie market perform today?
S&P/ASX200 gained 40.5 points or +0.76% on volume of $4.99 billion, closing at 5321.8.
Australian sector watch
Looking over the charts
- The Aussie 200 Index seems immune from our GDP figures for the 3rd quarter, powering ahead on the day, after a robust start, pushing our index up to the key resistance point at 5330.
- Unfortunately the 5330 level proved a tough resistance level with our market hovering around it twice, forming a double top, providing the motivation for the sellers to jump in and push our index lower heading into the close.
- Momentum is just hanging in there and the bullish divergence is apparent with plenty of upside room to move, should the bulls decide to go for a run. We’d be more confident with a break and close above 5330 at this stage before start getting excited.
- Support is currently sitting at 5300 and below that at 5270 with the initial resistance at 5330 (right on the current closing price) and above that at 5355 and then 5390-5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
40% of stocks are showing oversold levels, 14% are showing overbought levels and 43% 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 +13.94%
- MSB MESOBLAST +7.86%
- WHC WHITEHAVEN COAL +6.19%
- QAN QANTAS AIRWAYS +6.15%
- SRX SIRTEX MEDICAL +5.45%
Top 5 Losers:
- HVNR HARVEY NORMAN HOLDINGS -9.75%
- RSG RESOLUTE MINING -6.38%
- TEN TEN NETWORK HOLDINGS -6.25%
- NUF NUFARM -6.06%
- EVN EVOLUTION MINING -4.90%
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