Australian Stocks: What Happened Today?

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        (
            [0] => ((SDL))
            [1] => ((SXY))
            [2] => ((DCG))
            [3] => ((NWH))
        )

    [1] => Array
        (
            [0] => SDL
            [1] => SXY
            [2] => DCG
            [3] => NWH
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This story features NRW HOLDINGS LIMITED.
For more info SHARE ANALYSIS: NWH
The company is included in ASX200, ASX300 and ALL-ORDS

By Ashley Jessen, director of LearnCFDs.com and author of CFDs Made Simple

Despite steady gains achieved across the US bourses, our local S&P/ASX 200 was unable to attract much participation with the days volatility one of the lowest in many trading sessions. The S&P/ASX 200 managed to post a 6.4 point rise or 0.12% to close at 5013.5 on volume just under $4 billion with our miners and banks adding the most index points for the day.

Technology and Consumer Services stocks led the way today, rising an impressive 1.56% and 1.33% respectively, which was a solid effort given the lacklustre movement in the markets overall. Only two sectors failed to post positive gains with Basic Materials falling the most, down 0.85% and Utilities down 0.22%.

Looking over the charts

Doji stars represent indecision at the top of a recent upswing and today's subdued market action certainly brings into question the validity of the recent bullish action. Intraday volatility was remarkably low and heading into the weekend leaves an ominous sign, especially after yesterday's positive close above the 5000 mark. Recent market action would indicate this is nothing more than a pause within a steady short term uptrend so the bias for traders will be to the upside.

S&P/ASX 200 Gainers and Losers

Sundance Resources ((SDL)) finally saw the last of the profit takers with a 13.64% pop in the price as traders saw value at the sub 10 cent levels, but clearly there is a lot of work to do to restore confidence and an upward trending share price. Senex Energy ((SXY)) rose a better than average 7.69%, managing to clear recent resistance levels and break into new recent highs not seen since June last year.

Decmil Group ((DCG)) bounced back from well and truly oversold levels to still post a loss of 8.02% as the intraday price levels broke below recent support around the $2.15 mark. NRW Holdings ((NWH)) fell a disappointing 7.92% whilst also managing to close below fairly important support at $1.40, as it continues its steady downtrend since the highs in April 2012.
 

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)

Disclaimer: There is a high degree of risk involved in trading various financial instruments. It is possible to lose significant amounts of money when trading the markets. As your trading decisions are beyond my control, I accept no responsibility for your trading results. Please seek professional financial advice to determine if trading is for you.

While Ashley Jessen attempts to ensure that the information herein is accurate at the date the information was produced, however, Ashley Jessen does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the information provided herein and under no circumstances are they to be considered an offer, solicitation to invest or be construed as giving investment advice.

Technical limitations

If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.

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