Last week’s positive close across European and US Indices, thanks to much stronger than expected non-farm payroll data, paved the way for Germany’s Dax index and the US Indices hitting all-time record closes and provided much hope for local Aussie 200 index traders, who pushed our index higher, but not above the key resistance point at 5430. This week we have Australian employment data, NAB Consumer Confidence and Chinese Inflation data to keep an eye on.
How did the Aussie market perform today?
S&P/ASX200 gained 37.4 points or +0.70% on volume of $3.66 billion, closing at 5372.7.
Australian sector watch
Looking over the charts
- The Aussie 200 Index opened up strongly and fought its way back above Friday’s slight pullback, with today’s high reaching above both Thursday and Friday’s highs, with some sellers stepping in towards the end of the session.
- When you view the chart below it is clear that the price action is well and truly favouring further upside but a cautious outlook is necessary, given the overhead resistance that we need to fight against.
- The current zone is important to break out of, given that we’ll be looking at consecutive lower higher, is we cannot close above and break above the 5430 level, which is another 50 points away.
- Support is current sitting at 5340 and then below that at 5300 with resistance above at 5400 and then above that at 5430.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
19% of stocks are showing oversold levels, 34% are showing overbought levels and 46% 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:
- QAN QANTAS AIRWAYS +13.81%
- RSG RESOLUTE MINING +13.33%
- JHC JAPARA HEALTHCARE +9.28%
- AGO ATLAS IRON +6.67%
- LEI LEIGHTON HOLDINGS +5.36%
Top 5 Losers:
- SKE SKILLED GROUP -15.89%
- HVNR HARVEY NORMAN HOLDINGS -6.57%
- MRM MERMAID MARINE AUSTRALIA -5.38%
- MGX MOUNT GIBSON IRON -4.88%
- PBG PACIFIC BRANDS -4.76%
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