Australia | Apr 22 2014
ASX Top Gainers & Losers plus Market Snapshot – 22 April 2014
Quiet holiday volumes were not able to hold back the bulls with marketing rising overseas and the Aussie 200 lifting a handy 25.1 points.
What are traders talking about today?
- S&P/ASX200 gained 25.1 points or +0.46% on volume of $3.2 billion, closing at 5479.3.
- A short week this week, with only 3 trading days here in Australia but never the less it is one of the busiest corporate reporting weeks in the US, so plenty of volatility expected from there.
- Iron Ore prices were down overnight, which impacted both BHP and Rio Tinto on the market today.
- Gold has been unable to hold on to the $1,300 per ounce key level, falling to $1,288 as I type this with the next level of support just above the $1,275 level.
- Brent Crude Oil has been unable to break through the $110 per barrel level, providing further weight to the increased resistance at this level with 4 touches on this downward trend line.
Economic news
- There was no key economic news on the Australian calendar today.
- Some news items to watch for this week including Australian CPI (inflation) figures Q on Q due out on Wednesday at 12:30pm plus Chinese Flash PMI along with flash manufacturing data out of most economies around the world.
Australian sector watch
Looking over the charts
- Another bullish day on the Aussie 200 index with our market fast approaching resistance but what is key to note is that volume was quite low, but expected, given the 4 day weekend and short 3 day week.
- Recent highs at 5503 on the cash and 5510.5 on the cash futures are immediate resistance points before we hit close to new 6 year highs.
- Momentum is carrying to the upside with the stochastics approaching the 80 mark, which is the overbought section but the stochastic tends to be ignored in trending markets. If our market does hit a new high, then we’d have to consider this market to be trending upwards from the current consolidation phase.
ASX top 200 stock analysis
16% of stocks are showing oversold levels, 30% are showing overbought levels and 60% 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:
- SKE SKILLED GROUP +4.73%
- KAR KAROON GAS AUSTRALIA +4.40%
- AWE AWE +4.30%
- CVO COVER-MORE GROUP +3.37%
- DLS DRILLSEARCH ENERGY +3.32%
Top 5 Losers:
- EVN EVOLUTION MINING -7.30%
- LYC LYNAS CORPORATION -5.41%
- RSG RESOLUTE MINING -4.92%
- MGX MOUNT GIBSON IRON -4.22%
- GWA GWA GROUP -3.96%
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