Australian Stocks: What Happened Today?

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            [1] => ((SIR))
            [2] => ((LNC))
            [3] => ((BPT))
            [4] => ((FGE))
            [5] => ((EWC))
            [6] => ((SFR))
            [7] => ((SEA))
            [8] => ((MIN))
            [9] => ((NUF))
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List StockArray ( [0] => BPT [1] => EWC [2] => SFR [3] => SEA [4] => MIN [5] => NUF )

By Ashley Jessen

Markets in the US declined for the 5th consecutive trading session, along with Crude Oil, which led to an extremely cautious open on the S&P/ASX 200, dropping 25 points immediately as traders weigh up the US debt ceiling talks and by the close of the session the S&P/ASX 200 had turned around and rising a gallant 18.6 points or 0.35% to close at 5294.5 on volume of $3.1 billion.

Job vacancy data from the Australian Bureau of Statistics was released today pointing to a rise of 3.1% and Australian household wealth was also released suggesting a small pullback in net household financial wealth to $75,509.

Despite looking very bleak early in the session with red across nearly all sectors, markets picked up considerably with on the Health Care and Real Estate Investment Trusts positing negative numbers, being 0.27% and 0.47% respectively. The Materials sector managed to outperform all others, posting a better than average 0.82% gain with the Information Technology sector close behind, rising 0.72%.

Looking over the charts

 Markets continue to sneak up on previous highs in ways that are not inspiring massive amounts of confidence from short term traders but certainly longer term bullish participants will be enjoying the steady upward climbing curve, as it ekes out shallow, but continually new highs. Bearish divergence is something that is starting to appear but until the market price actually hits new highs we can push it to one side and patiently wait to see what unfolds.  Certainly today's bold buy up from intraday lows will give both short term traders and investors hope that a clear break is imminent.

ASX top 200 stock analysis

25% of stocks are showing oversold levels, 20% 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

Skilled Group ((SKE)) recently bounced off excellent support in the midst of its current medium term uptrend to rise another 4.62% and approach the recent high from the 9th of September, with a break above this an extremely positive sign of much bigger upside to come.  Sirius Resources ((SIR)) hasn't really done much today except bounce off a recent low but the 4.35% gain on the day pushed it to the 2nd biggest gainer on the ASX top 200 but all in all the stock is still stuck in no-man's land.

Top 5 gainers:

• SKILLED GROUP +4.62%
• SIRIUS RESOURCES NL +4.35%
• LINC ENERGY ((LNC)) +3.87%
• BEACH ENERGY ((BPT)) +3.82%
• FORGE GROUP ((FGE)) +3.42%

 One stock that never fails to register in either the biggest losers or gainers each week is Energy World Corporation ((EWC)) and today it was on the wrong side with a dramatic pull back from recent highs, falling 11.32% on steady volume. Sandfire Resources ((SFR)) showed signs of bearish divergence off the back of recent highs and profit takers seemingly cashed in, driving the share price down 4.82% but well within reason given the upswing in price recently.

Top 5 Losers:

• ENERGY WORLD CORPORATION -11.32%
• SANDFIRE RESOURCES NL -4.82%
• SUNDANCE RESOURCES ((SEA)) -4.05%
• MINERAL RESOURCES ((MIN)) -3.63%
• NUFARM ((NUF)) -3.09%

 

 

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