Late session profit taking on the US indices saw the Dow Jones drop over 100 points in the last half hour, as the US Markets continue their range bound, trendless trading but once again the ASX was singing a different tune, initially getting rattled by the weak close on international bourses but managed to push forward a solid 33.7 points or 0.6 per cent. The Aussie Dollar has started to consolidate around the 78 cent mark and Gold managed a small bounce overnight to $1,271 per ounce.
How did the Aussie market perform today?
S&P/ASX200 gained 33.7 points or +0.58% on volume of $4.89 billion, closing at 5811.
Australian sector watch
Looking over the charts
- Just when you think the Aussie 200 Index might be willing to give back some of the recent gains, an afternoon buying spree spurs our market on to close at a new recent high above the 5800 mark.
- Despite the euphoria of the recent uptrend, it must be noted that the strength of the recent gains has diminished somewhat, with the hourly chart showing some congestion over the last 3 days. Having said that our market did close near its highs for the day, which is yet again, another positive sign.
- Momentum continues to favour the bulls with some bearish divergence creeping in on the daily chart and the hourly chart appears to be sitting on a (not so perfect) triple top (not shown below).
- Support is currently sitting at 5750 and below that at 5710 and 5700 with resistance above at 5820 with some short term blue sky territory ahead.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
4% of stocks are showing oversold levels, 60% are showing overbought levels and 67% 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:
- FXL FLEXIGROUP +14.80%
- BCI BC IRON +11.82%
- BDR BEADELL RESOURCES +8.06%
- MYR MYER HOLDINGS +5.62%
- CVO COVER-MORE GROUP +5.31%
Top 5 Losers:
- AGO ATLAS IRON -9.52%
- LYC LYNAS CORPORATION -6.12%
- SEA SUNDANCE ENERGY AUSTRALIA -4.63%
- SXY SENEX ENERGY -4.00%
- STO SANTOS -3.23%
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