Germany’s DAX index hit a record all-time high and promptly fell 1.21 per cent for the day following discussions from the ECB, whilst the US markets were unable to gather any momentum in either direction, finishing flat for the day, as all eyes focus on the important non-farm payroll data out of the US tonight. The Aussie 200 index was unable to hold on to early gains and has now hit its second consecutive lower high since early November.
How did the Aussie market perform today?
S&P/ASX200 lost 33.5 points or -0.63% on volume of $4.90 billion, closing at 5335.3.
Australian sector watch
Looking over the charts
- The Aussie 200 Index was unable to push through the very first resistance level on first attempt, breaking the 3 day positive run, despite the intraday pop, poking its head above the key point ever so briefly.
- Today’s candle was almost a bearish engulfing pattern and sets the tone for the second consecutive low, coming down from the early November peak.
- With the long term moving average now flat lining and turning down, we’d almost expect a period of large consolidation and movement around a trendless range going forward. Best to have your range bound trading systems in the market right now.
- Support is currently sitting at 5300 and below that at 5265 with resistance above at 5340 then 5360 and then towards 5390-5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
22% of stocks are showing oversold levels, 34% are showing overbought levels and 45% 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:
- BKN BRADKEN +36.45%
- MML MEDUSA MINING +10.45%
- WSA WESTERN AREAS +8.05%
- EVN EVOLUTION MINING +7.00%
- HZN HORIZON OIL +5.71%
Top 5 Losers:
- MGX MOUNT GIBSON IRON -50.00%
- LNG LIQUEFIED NATURAL GAS -13.46%
- SEA SUNDANCE ENERGY AUSTRALIA -13.39%
- BCI BC IRON -7.92%
- AGO ATLAS IRON -6.25%
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