Australian Stocks: What Happened Today?

ASX Top Gainers & Losers plus Market Snapshot – 13 December 2013

Despite negative leads from overseas and a shaky start to our trading session, the local S&P/ASX200 actually managed to put a halt on the seriously oversold conditions, coming off six straight down days to post a gain of 35.9 points or 0.71% on volume of $4.3 billion.

The Aussie Dollar was hitting the headlines for all the wrong reasons as it broke down below the critical 90 cent level with the RBA Governor Glen Stevens making claims for the Aussie Dollar to be closer to 85 cents than 95 cents. With stronger US retail sales figures pushing the greenback higher, we did see both precious metals and Crude oil come off heavily in overnight trading.

We were so close to full green screens across the sectors today with only the Information Technology sector unable to post a positive number, falling a minor 0.37%. Consumer Discretionary was fairly flat, eking out a 0.06% gain. Three sectors managed to gain more than 1% with Energy and Health Care posting robust gains of 1.28% and 1.23% respectively.

Looking over the charts

Technically we saw our market have an inside day whereby the day’s candle closed within the high and low of the previous down day. Generally speaking these are positive potential turnaround day’s and with our market being so oversold it is well and truly expected for us to see some opportunistic buying, off the back of some nervous selling by the less experienced. Key levels still remain between 5050 and 5150 and only for the current high volatility are those figures so wide. Markets should be expected to get back to normal ranging periods next week and leading into Christmas.

ASX top 200 stock analysis

54% of stocks are showing oversold levels, 7% are showing overbought levels and 24% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Forge Group ((FGE)) has been bouncing around the current low levels and consistently ranking as either the biggest gainer or loser and today it hit the biggest gainers again, rising 8.33%. Ausdrill ((ASL)) recently came off a double bottom and with bullish divergence showing, managed an excellent 7.32% gain for the day on rising volume.

Top 5 gainers:

FGE        FORGE GROUP +8.33%
ASL         AUSDRILL +7.32%
((BLY))         BOART LONGYEAR +7.02%
((BRU))       BURU ENERGY +5.71%
((NWH))     NRW HOLDINGS +5.56%

Crown Resorts ((CWN)) managed a 4.33% fall after consolidating for the last 6 week and at current levels is threatening immediate support and will need to hold these levels for any chance of the uptrend continuing. Evolution Mining ((EVN)) is sitting in dangerous territory, bouncing around the lowest price since 2008 and today edged closer after falling another 4.27% on rising volume and will be one to watch carefully over the next couple of days.

Top 5 Losers:

CWN      CROWN RESORTS -4.33%
EVN       EVOLUTION MINING -4.27%
((GUD))      G.U.D. HOLDINGS -3.74%
((ABC))        ADELAIDE BRIGHTON -3.57%
((EWC))       ENERGY WORLD CORPORATION -2.63%