Australian Stocks: What Happened Today?

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            [0] => ((CDU))
            [1] => ((DML))
            [2] => ((EWC))
            [3] => ((FMG))
            [4] => ((TEN))
            [5] => ((FWD))
            [6] => ((BBG))
            [7] => ((OGC))
            [8] => ((KAR))
            [9] => ((FXL))
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            [1] => DML
            [2] => EWC
            [3] => FMG
            [4] => TEN
            [5] => FWD
            [6] => BBG
            [7] => OGC
            [8] => KAR
            [9] => FXL
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)

Back to back positive trading sessions in the US have lifted confidence and helped push our market well and truly through previous resistance at 5207-5212 with a raft of positive Chinese data helping steady the ship, allowing the S&P/ASX 200 to post consecutive bullish sessions with today's move rising 33.2 points or 0.63% on volume of $3.8 billion.

Stocks across the Materials sector led the way rising a hearty 1.35% with Industrial stocks tracking closely, with the sector up a better than average 0.99%. Only three sectors were unable to dig their way out of negative territory, although the losses were quite small with the Energy and Utilities sectors falling the most, down 0.40% and 0.32% respectively.

Looking over the charts

Identical early optimism to yesterday paved the way for a strong session but the whole move was over within the first 25 minutes with the remainder of the session rocking sideways in a narrow 12 point range, leaving little volatility for the intraday traders to lock in some good numbers. Today's bullish action saw the market close on its highs and break through resistance at 5207-5212, which is more than a positive sign for those currently long equities or the S&P/ASX 200 in general. Resistance at 5250 will be closely watched by all short term traders as will the bearish divergence signal playing out on the daily chart.

ASX top 200 stock analysis

12% of stocks are showing oversold levels, 44% are showing overbought levels and 62% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Cudeco ((CDU)) had been shaping up for a triple top but today saw the share price rocket through that resistance and hit a 12.99% gain, closing at the highest price since July the 3rd this year. Discovery Metals ((DML)) continued its form of being either the biggest loser or biggest gainer and today it was on the correct side of the ledger, rising 8.00% on above average volume.

Top 5 gainers:

• CUDECO +12.99%
• DISCOVERY METALS +8.00%
• ENERGY WORLD CORPORATION ((EWC)) +6.82%
• FORTESCUE METALS GROUP ((FMG)) +6.43%
• TEN NETWORK HOLDINGS ((TEN)) +4.69%

Fleetwood Corporation ((FWD)) stumbled today and was unable to continue the positive momentum achieved yesterday and saw profit takers step in for a 5.61% decline in price on steady volume. Billabong International ((BBG)) also gave back all of yesterday's strong gains to post a dark cloud cover candlestick formation, falling 5.32% and keep the share price around a relatively sideways move.

Top 5 Losers:

• FLEETWOOD CORPORATION -5.61%
• BILLABONG INTERNATIONAL -5.32%
• OCEANAGOLD CORPORATION ((OGC)) -4.83%
• KAROON GAS AUSTRALIA ((KAR)) -4.01%
• FLEXIGROUP ((FXL)) -3.72%