Australian Stocks: What Happened Today?

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            [0] => ((ARI))
            [1] => ((BRG))
            [2] => ((FWD))
            [3] => ((SHL))
            [4] => ((CGF))
            [5] => ((PRU))
            [6] => ((BBG))
            [7] => ((EWC))
            [8] => ((BLY))
            [9] => ((SLR))
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            [0] => ARI
            [1] => BRG
            [2] => FWD
            [3] => SHL
            [4] => CGF
            [5] => PRU
            [6] => BBG
            [7] => EWC
            [8] => BLY
            [9] => SLR
        )

)

List StockArray ( [0] => ARI [1] => BRG [2] => FWD [3] => SHL [4] => CGF [5] => PRU [6] => EWC )

By Ashley Jessen

20 August 2013 ASX Market Summary – Invast Financial Services

Early negative reactions to a weaker close on the US and precious metals markets overnight pushed our S&P/ASX 200 index immediately lower by over 50 points until the market was bought up strongly, but by the close was unable to recover and posted a 34.3 point loss or 0.68% to close at 5078.2.

Only two sectors managed to work their way into positive territory with Health Care being the stand out performer, rising 1.60%. Telecommunications managed to bounce back from yesterday’s down day (with Telstra going ex-div) to post a 0.60% gain. Consumer Staples and Information Technology led the loser’s down for the day with respective falls of 2.28% and 1.53%.

Looking over the charts

Entering into no-man’s land is never exciting for traders and with the market breaking down below the 5100 level today we officially have entered into this zone. The range between 5000 – 5100 has the opportunity to act as support if the market holds at these levels and will still confirm a higher low from the previous low on the 8th of August. Barring any negative fundamental information that could hit the street, our short term uptrend should be set to resume so long as we can hold above the 5000-5050 mark.

ASX top 200 stock analysis

16% of stocks are showing oversold levels, 30% are showing overbought levels and 59% of stocks are currently above their long term moving average as of close of trading today. What is interesting to note is the S&P500 in the US is currently at historical high extremes with 73% of stocks oversold and only 2% of stocks overbought.

S&P/ASX 200 Gainers and Losers

Arrium ((ARI)) had a snap turnaround today after a 4 day sell off was met with a strong 16.75% gain today on triple the average volume as they reported a stronger than expected net profit compared to what analyst’s had predicted. Breville Group ((BRG)) had an outstanding breakaway to the upside closing well above resistance at $7.90 to post a 10.93% gain on double the average volume, which will please all those patient pattern traders watching the rising wedge formation.

Top 5 gainers:

ARRIUM +16.75%
BREVILLE GROUP +10.93%
FLEETWOOD CORPORATION ((FWD)) +8.24%
SONIC HEALTHCARE ((SHL)) +5.84%
CHALLENGER ((CGF)) +5.77%

Perseus Mining ((PRU)) has not failed to make it into either the top 5 gainers or losers over the last week with the incredibly strong moves up but today that came to a halt with profit takers stepping in to push the price down 10.23%. Billabong International ((BBG)) is another consistent top 5 gainer and loser with yesterday’s top gain offset with today’s pull back, pushing the share price down 8.87%.

Top 5 Losers:

PERSEUS MINING -10.23%
BILLABONG INTERNATIONAL -8.87%
ENERGY WORLD CORPORATION ((EWC)) -8.49%
BOART LONGYEAR ((BLY)) -7.20%
SILVER LAKE RESOURCES ((SLR)) -7.11%

 

Reprinted with permission of the publisher. Content included in this article is not by association the view of FNArena (see our disclaimer).