Australian Stocks: What Happened Today?

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(
    [0] => Array
        (
            [0] => ((CSL))
            [1] => ((PRU))
            [2] => ((SLR))
            [3] => ((OGC))
            [4] => ((PNA))
            [5] => ((SAI))
            [6] => ((SDL))
            [7] => ((AQA))
            [8] => ((OZL))
            [9] => ((EHL))
            [10] => ((BBG))
        )

    [1] => Array
        (
            [0] => CSL
            [1] => PRU
            [2] => SLR
            [3] => OGC
            [4] => PNA
            [5] => SAI
            [6] => SDL
            [7] => AQA
            [8] => OZL
            [9] => EHL
            [10] => BBG
        )

)

15 August 2013 ASX Market Summary – Invast Financial Services

Poor results on the Dow Jones were almost neutralised by stronger commodity prices as Gold, Silver and Crude Oil managed to push forward strongly, leaving those trading the S&P/ASX 200 somewhat bewildered in hindsight. For the second day in a row we have seen complete indecision as neither the bulls nor bears are able gain full control, with today’s market action softening by 7.8 points or 0.15% to close at 5149.6 on above average volume of $4.5 billion.

Health Care stocks truly underperformed today, falling 2.14 % and taking line honours for the worst performing sector as shares in CSL ((CSL)) pulled back 3.36% and break below support at $64. Utilities also had a tough day falling 1.48%. The Information Technology sector was the one shining light setting a solid 1.56% at the close with Materials the next best placed, pushing ahead by 0.46%.

Looking over the charts

Yesterday’s doji star signalled for a pause in the current uptrend which promptly happened today with another low volatility session and yet another doji star. Doji stars at the top of the trend highlight indecision and perhaps the lack of confidence from investors to continue the momentum forward, at least until the market gets comfortable at these new short term highs. As a result we’ll continue to monitor the price action and note that previous resistance at around 5115 could potentially turn into support. We’ll wait for the potential pull back to these levels and note another higher high being on the cards and once again favouring the bulls.

S&P/ASX 200 Gainers and Losers

Perseus Mining ((PRU)) has managed to appear in the top gainers and losers quite a bit of late and today for all the right reasons as surging volume rocketed the stock ahead 14.91%. Silver Lake Resources ((SLR)) gapped up on open and was unable to really improve on that strong initial surge with the stock finishing the day up 7.23%.

Top 5 gainers:

PERSEUS MINING +14.91%
SILVER LAKE RESOURCES +7.23%
OCEANAGOLD CORPORATION ((OGC)) +6.10%
PANAUST ((PNA)) +6.07%
SAI GLOBAL ((SAI)) +5.69%

Sundance Resources ((SDL)) has been underperforming since November last year and today pushed ever so closer to critical support levels with today’s price action falling 5.95%. Aquila Resources ((AQA)) has been unable to hold on to yesterday’s strong gap higher with the price today retreating 5.68% as it pops back beneath the previous resistance at $2.20.

Top 5 Losers:

SUNDANCE RESOURCES -5.95%
AQUILA RESOURCES -5.68%
OZ MINERALS ((OZL)) -4.75%
EMECO HOLDINGS ((EHL)) -4.65%
BILLABONG INTERNATIONAL ((BBG)) -4.27%