Australia | Apr 29 2013
By Ashley Jessen, director of LearnCFDs.com and author of CFDs Made Simple
Monday market action saw little lead from our overseas counterparts with the Dow Jones rising a meagre 11.75 points on Friday, yet our S&P/ASX 200 managed a healthy 28.29 point rise or 0.56% to close at 5125.8 on slightly lower than average volume of $3 billion.
Health Care stocks led the way today followed closely by Financials, up 1.18% and 1.02% respectively, with the likes of Commonwealth Bank ((CBA)) approaching new all time highs for the second time in a week. At the other end of the scale Utilities were down 0.53% with Materials performing slightly better but still in the red at -0.26%.
Looking over the charts
Traders are still getting positive signals from the market in that weakness seen in the recent upswing have not been met with an abundance of sellers but instead the weakness is more of a steady consolidation. Market action intraday saw the price rise early and then pull back slightly, only to rally towards the end of the session, which again appears positive for the bulls, who will be mindful of resistance at the 5150 mark.
S&P/ASX 200 Gainers and Losers
Imdex ((IMD)) hit the top of the list of best performers, despite a fairly mediocre day, rising 4.15% but from the point of view of the chartist, was not able to do anymore than halt the current fall in share price. NRW Holdings ((NWH)) suffered a similar fate by rising on the day, up 3.78%, but failing to do any more than consolidate recent heavy falls in price.
Kingsgate Consolidated ((KCN)) shareholders will be undoubtedly disappointed with today’s market price with the stock down 15.30% and breaking any resemblance of support around the $2.40 mark to close the day at $2.27. Aquila Resources ((AQA)) had traders driving the price down with the stock falling 10.84% on rising volume and fast approaching the recent lows hit in early April.
(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.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.