Australian Stocks: What Happened Today?

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By Ashley Jessen

23 August 2013 ASX Market Summary – Invast Financial Services

Apart from the glitch on the NASDAQ, with the forced trading halt, markets in both Europe and the US ended the sessions strongly providing a great springboard for our local market to steam ahead and post a better than average 0.93% gain or 47.7 points to close at 5123.4.

Consumer Discretionary stocks managed a strong 1.59% gain on the day followed very closely by the Energy sector which made up a healthy 1.52% rise on the day. Only one sector was in the red which was the utilities sector which made an uneventful 1.31% loss on the day among a sea of green screens. Telecommunications finished the session relatively flat, up 0.09%.

Looking over the charts

Positive market action was seen across all but one sector leaving the S&P/ASX 200 rising handsomely and pushing back above the 5100 mark, which has confirmed our higher low action of recent times allowing plenty of opportunity among the bulls. Support is holding which is critical for our next bull market phase to potentially unfold.

ASX top 200 stock analysis

28% of stocks are showing oversold levels, 55% are showing overbought levels and 65.85% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

St Barbara maintained its recent top form, rising from below $0.45 to break out above $0.75 with today’s gain hitting 12.86%, with traders keen to see some follow through from the recent strong market action. Resolute Mining had almost an identical chart pattern to St Barbara now forming a short term ascending triangle with a breakout imminent above current levels, with today’s price pushing up a sturdy 9.68%.

Top 5 gainers:

• ST BARBARA ((SBM))+12.86%
• RESOLUTE MINING ((RSG)) +9.68%
• SIMS METAL MANAGEMENT ((SMX)) +8.19%
• KINGSGATE CONSOLIDATED ((KCN)) +8.16%
• SENEX ENERGY ((SXY)) +7.09%

Discovery Metals formed a strong dark cloud cover formation today with the price gapping up strongly only to fall away rapidly, closing below the midpoint of yesterday’s candle and falling 14.89% for the day. Spark Infrastructure Group broke out of its recent consolidation, pushing down a modest 4.82% for the day but support is located nearby at $1.65.

Top 5 Losers:

• DISCOVERY METALS ((DML)) -14.89%
• SPARK INFRASTRUCTURE GROUP ((SKI)) -4.82%
• THE REJECT SHOP ((TRS)) -4.09%
• ATLAS IRON ((AGO)) -3.59%
• TREASURY WINE ESTATES ((TWE)) -3.19%

 

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