Gold Bullion tested the key 1200 level in overnight trading, unable to hold with Silver under intense selling pressure, losing ground by over 4.5 per cent, yet global indices remained firm with US and European bourses pushing higher, providing a positive end to the week for the Aussie 200 index, rising nicely into the close.
How did the Aussie market perform today?
S&P/ASX200 gained 50.4 points or +0.91% on volume of $7.44 billion, closing at 5526.6.
Australian sector watch
Looking over the charts
- The Aussie 200 Index has maintained its upward momentum among a pretty turbulent week, with German employment data sending the DAX index reeling overnight before bouncing, providing an incredible 250 point move down and 250 point move up. When you add Gold, Silver, Brent and Copper falling, then you start to see how strong the Aussie market actually is.
- Today’s candle is fairly neutral and is not giving any clues for either the bulls or the bears as to the next move but it can definitely be said that the market continues to close higher with new recent highs being hit.
- Momentum is starting to wane a little but if the markets were truly weak, it would be highly likely to see some bearish divergence at these levels, yet it hasn’t happened. In addition the top 50 stocks continue to show strength, hitting recent higher highs.
- Support is currently sitting at 5490 and below that at 5460, especially on the hourly chart with resistance sitting at 5510 and above that at 5530.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
11% of stocks are showing oversold levels, 49% are showing overbought levels and 49% 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:
- SXL SOUTHERN CROSS MEDIA GROUP +6.52%
- BCI BC IRON +5.39%
- HGG HENDERSON GROUP PLC +5.34%
- LNG LIQUEFIED NATURAL GAS +5.08%
- PMV PREMIER INVESTMENTS +4.90%
Top 5 Losers:
- RSG RESOLUTE MINING -5.88%
- NST NORTHERN STAR RESOURCES -5.17%
- NCM NEWCREST MINING -4.51%
- AAD ARDENT LEISURE GROUP -3.10%
- PNA PANAUST -2.29%
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