Steady markets in Europe were complemented with new record highs on the Dow Jones and S&P500, which translated to the third positive day in a row for the Aussie 200 index, rising a hearty 47 points or 0.9 per cent with the Materials sector contributing the most, up 1.77 per cent by close of trade. Australian Retail sales came in stronger than expected, up 0.4 per cent for the month of October.
How did the Aussie market perform today?
S&P/ASX200 gained 47 points or +0.88% on volume of $5.20 billion, closing at 5368.8.
Australian sector watch
Looking over the charts
- The Aussie 200 index has managed a solid fight back from last week’s sell-off, pushing ahead for the third day in a row and closing above the key 5300 level substantially. This was definitely a possible consolidation period, but we’ve navigated this zone with ease, but we’re not out of the woods just yet.
- Following the positive leads in the US, our market did jump out of the gates, to hit the intraday high of 5375 by noon, before profit takers stepped in to push our index back down 30 points, before the last afternoon rally following some solid retail numbers.
- We are at a critical point with the potential for a lower high, if we cannot sustain the momentum to the upside, with the next level at 5420 very important. All going well the recent momentum can continue before we reach the overbought level on the stochastics.
- Support is currently sitting at 5340 and below that at 5310 with resistance overhead at 5370 and then at 5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
24% of stocks are showing oversold levels, 25% 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:
- LNG LIQUEFIED NATURAL GAS +9.09%
- MML MEDUSA MINING +8.94%
- BCI BC IRON +7.45%
- LEI LEIGHTON HOLDINGS +6.70%
- MFG MAGELLAN FINANCIAL GROUP +6.70%
Top 5 Losers:
- TEN TEN NETWORK HOLDINGS -11.11%
- VRL VILLAGE ROADSHOW -7.34%
- SKE SKILLED GROUP -6.19%
- AGO ATLAS IRON -5.88%
- JHC JAPARA HEALTHCARE -5.03%
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