Mixed sessions across Europe (up) and the US (down) provided a murky path for local traders to follow as the Aussie 200 Index continues to consolidate around the lows over the last two and a half weeks. Interesting to note the S&P500 is touching on six straight years without a 20 per cent pull back, which is the fourth longest since 1900. Both Gold and the Aussie Dollar continue to move in a narrow sideways band with pressure starting to build in both asset classes.
How did the Aussie market perform today?
S&P/ASX200 gained 2.6 points or +0.04% on volume of $5.14 billion, closing at 5904.2.
Australian sector watch
Looking over the charts
- The Aussie 200 Index managed to turn around a half a percent loss from the morning session and post a 2.6 point gain, as buyers swooped in around the 5870 level.
- Current levels are pretty important from a technical point of view given all the support around the 5870-5900 level and further to this, we’ll need it to hold these levels to remain in the current steady uptrend. The daily chart below shows a lot of clear space below if current levels cannot hold.
- Momentum continues to wane from the buy side and one can only imagine how many stop loss orders are sitting below the current market prices, with a view to give stocks some ‘wiggle room’ and capture any remaining uptrend that may be in store.
- Support is current sitting at 5870-5880 and below that at 5850 with resistance above at 5915 and 5945-5955.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
25% of stocks are showing oversold levels, 20% are showing overbought levels and 68% 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:
- HZN HORIZON OIL +7.69%
- PGH PACT GROUP HOLDINGS +6.57%
- SIR SIRIUS RESOURCES NL +6.55%
- SFR SANDFIRE RESOURCES NL +5.45%
- EVN EVOLUTION MINING +4.09%
Top 5 Losers:
- CSR CSR -7.04%
- ARI ARRIUM -4.65%
- ILU ILUKA RESOURCES -4.60%
- KAR KAROON GAS AUSTRALIA -3.31%
- SIP SIGMA PHARMACEUTICALS -3.08%
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