Australia | Apr 22 2013
By Ashley Jessen, director of LearnCFDs.com and author of CFDs Made Simple
Positive markets on Friday’s session plus a strengthening commodity sector paved the way for a steady start to the week with the S&P/ASX 200 rising 34.68 points or 0.7% to close at 4966 on suspiciously light volume below $3 billion.
Consumer Goods stocks performed the best today, rising 1.86% and led the way towards a full green screen across all sectors with Basic Materials second in line, rising a steady 1.24%. Those underperforming but still in the green were Telecommunications and Technology stocks, up a meagre 0.07% and 0.10% respectively.
Looking over the charts
Our market is forming into a wedge pattern which could break either side and usually in the direction of the most dominant trend, although more recently our sideways consolidation has been difficult to determine whether our recent strong uptrend is still in play, with the 100 day moving average now pointing down. Intraday market action showed strength which is a positive sign and will likely open up the chance for our market to grind up towards the 5000 mark, again.
S&P/ASX 200 Gainers and Losers
Boart Longyear ((BLY)) jumped up again but on heavily declining volume, rising 7.18% but still suffering from the significant sell off all of last week. OceanaGold ((OGC)) also had a strong day, rising 6.25% but like Boart Longyear has only managed to claw back some of the heavy losses sustained over the last month.
Imdex ((IMD)) had a day to forget, falling a massive 13.22% and reversing all of Friday’s great work and hitting a bearish engulfing pattern, which is decidedly bearish. Oz Minerals ((OZL)) also had a dismal day, falling 10.60% and breaking below the last line of support at $4.60 and hitting the lowest price since April 2003.
(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
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