Australian Stocks: What Happened Today?

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            [0] => ((AHE))
            [1] => ((EWC))
            [2] => ((IVC))
            [3] => ((ORG))
            [4] => ((FDC))
            [5] => ((BBG))
            [6] => ((DCG))
            [7] => ((SBM))
            [8] => ((TSE))
            [9] => ((KCN))
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            [2] => IVC
            [3] => ORG
            [4] => FDC
            [5] => BBG
            [6] => DCG
            [7] => SBM
            [8] => TSE
            [9] => KCN
        )

)

List StockArray ( [0] => AHE [1] => EWC [2] => ORG [3] => FDC [4] => SBM [5] => KCN )

By Ashley Jessen

20 September 2013 ASX Market Summary – Invast Financial Services

Uninspiring leads from Europe and the US markets overnight gave little optimism for traders on the open with the S&P/ASX 200 feeling the heat early on with a quick 30 point drop but managed to steady the ship after that, posting a 18.8 point drop or 0.36% to close at 5276.7 on volume of $4.9 billion. Gold, Silver and Crude Oil were also slightly weaker, ensuring our trading day was unlikely to get back to positive territory.

The Utilities and Telecommunication Services sectors managed to top the charts on a fairly unexciting day with only 4 sectors managed to stay in positive territory with Utilities up 0.84% and Telecommunications up 0.72%. Information Technology and Health Care were the worst performers, falling 1.33% and 1.00% respectively.

Looking over the charts

Yesterday’s positive break above nearby resistance and the slight touch on the 5300 level provided a sense of positive expectations going forward but unfortunately that was very short lived with the market pulling back immediately from the open and closing on an inside day. It’s more than likely that profit takers have stepped in for the very short term but will likely resume the bullish bias at the start of next week. At these lofty levels the oscillators are going to be showing overbought so we’ll keep an eye on any other early warning signs of the uptrend showing weakness.

ASX top 200 stock analysis

18% of stocks are showing oversold levels, 29% are showing overbought levels and 66% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Automotive Holdings Group ((AHE)) managed to break out of a recent downward swing with back to back positive sessions with today’s price pushing forward 5.84% on double the average volume. Energy World Corporation ((EWC)) was touching a short term double top and tentatively broke through resistance with a 5.43% move higher today and slightly above average volume.

Top 5 gainers:

AUTOMOTIVE HOLDINGS GROUP +5.84%
ENERGY WORLD CORPORATION +5.43%
INVOCARE ((IVC)) +2.74%
ORIGIN ENERGY ((ORG)) +2.70%
FEDERATION CENTRES ((FDC)) +2.30%

Billabong International ((BBG)) has been trending sideways for just over 2 weeks with some solid percentage moves up and down and today the price pulled back 11.58%, putting the price precariously close to short term support levels. Decmil Group ((DCG)) has been finding it tough as these lofty levels for the last week and today was almost too much as investors drove the price down a worse than expected 9.24%, breaking through support at $2.47 to close the day at $2.26.

Top 5 Losers:

BILLABONG INTERNATIONAL -11.58%
DECMIL GROUP -9.24%
ST BARBARA ((SBM)) -7.63%
TRANSFIELD SERVICES ((TSE)) -6.33%
KINGSGATE CONSOLIDATED ((KCN)) -6.02%

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