Mixed overnight performance across the international bourses provided little inspiration for local traders who were faced with RBA rates and the race that stops the nation, the Melbourne Cup, with the former remaining at 2.5% and the later offering quite a few surprises, including the sad passing of the firm favourite, Admire Rakti. All in all we had a fairly flat session on the Aussie 200 and a positive move higher on the Aussie Dollar, with governor Glenn Stevens suggesting growth will be moderate in the short to medium term.
How did the Aussie market perform today?
S&P/ASX200 gained 13 points or +0.24% on volume of $3.25 billion, closing at 5519.9.
Australian sector watch
Looking over the charts
- The Aussie 200 Index traded in a relatively narrow 27 point band today, testing the lows of the last few sessions, but continuing to hold on and bounce off them.
- It goes without saying that we’ve had a lot of price recently and now we’re looking for time to catch up so a pause or breather at these levels wouldn’t be unexpected. You can see from the ATR range that the Aussie 200 index has really steadied over the last 2 weeks.
- One of the things we’d likely see at these levels is some bearish divergence, both on the Aussie 200 and across the top 50 stocks, but there hasn’t been a great deal to talk about, hence my reluctance for any sort of significant pull back from these levels.
- Support is currently sitting at 5490-5500 and below that at 5460 with resistance above at 5530 and 5560.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
16% of stocks are showing oversold levels, 46% 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:
- EVN EVOLUTION MINING +7.55%
- BDR BEADELL RESOURCES +6.52%
- RFG RETAIL FOOD GROUP +5.62%
- JHC JAPARA HEALTHCARE +3.13%
- SPO SPOTLESS GROUP HOLDINGS +3.11%
Top 5 Losers:
- AGO ATLAS IRON -4.84%
- DLS DRILLSEARCH ENERGY -3.91%
- WOW WOOLWORTHS -2.75%
- TEN TEN NETWORK HOLDINGS -2.27%
- FDCDA FEDERATION CENTRES -2.14%
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