Australian Stocks: What Happened Today?

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            [3] => ((TSE))
            [4] => ((MGX))
            [5] => ((PDN))
            [6] => ((SLR))
            [7] => ((LNC))
            [8] => ((OGC))
            [9] => ((SXL))
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ASX Top Gainers & Losers plus Market Snapshot – 09 October 2013

Quite a rough night abroad with the Dow Jones falling 1.07% and the NASDAQ falling an even 2% as negotiations become strained in regards to the US debt ceiling, and with markets closing on their lows it appeared we were ready to lock in a negative session as well. However, markets managed a vigorous rebound, after an initial 30 point decline, to climb their way back into the black, rising 3.6 points or 0.07% on disappointingly low volume of $3.1 billion.

The Westpac Consumer Sentiment figures were out and they fell 2.1% in October and the official leading employment reading came out suggesting a 1.4% fall in October. All eyes will be on tomorrow’s Australian jobs data reading.

Plenty of variety among the sectors today with five falling and 6 rising and it was the Information Technology sector that outshone the rest, rising a healthy 0.62% with Industrials finding ground and adding 0.37% from yesterday’s close. Health Care gave back that solid gains made yesterday, falling 0.65% and Consumer Discretionary stocks struggled, pulling back 0.47%.

Looking over the charts

Back to back days of accumulative buying off the intraday lows will be giving those with a bullish bias further conviction that the current pull back is temporary and our market has every opportunity to continue pushing forward from these levels. Our market closed right on the 5150 mark yesterday and closed slightly higher at 5153 today, which again bodes well for those with a bullish view going forward. Another hanging man candlestick formation indicates traders have belief to buy weakness in our market intraday with potentially a high reward to risk trading opportunity if in fact we are hitting short term lows with resistance 100-150 points away.

ASX top 200 stock analysis

52% of stocks are showing oversold levels, 3% are showing overbought levels and 48% of stocks are currently above their long term moving average as of close of trading today. In over 18 months we’ve rarely had the number of overbought at only 3% and combined with the oversold at 52% means our market is quite stretched to the downside. If levels can hold here then there is the potential for an excellent risk reward trading opportunity.

S&P/ASX 200 Gainers and Losers

Cudeco ((CDU)) managed a piercing line formation today where the market closed above the midpoint of the previous days candle and not trying to confuse the market but we did see a 9% fall yesterday followed by today’s 9.70% rise, providing ample opportunity for those preferring to seek opportunity on an intraday basis both long and short. Atlas Iron ((AGO)) had an incredible break out after building up resistance at the $0.90 level to storm ahead a triumphant 8.94% on significantly higher than average volume.

Top 5 gainers:

• CDU       CUDECO +9.70%
• AGO      ATLAS IRON +8.94%
• ((SIR))    SIRIUS RESOURCES NL +8.18%
• ((TSE))   TRANSFIELD SERVICES +6.03%
• ((MGX))   MOUNT GIBSON IRON +5.67%

Paladin Energy ((PDN)) has been breaking records almost daily but unfortunately those records would not be impressing any holder of the stock as they are pushing the boundaries to the downside, with a 5.43% fall today to hit the lowest price in nearly 10 years. Silver Lake Resources ((SLR)) has fallen 81% in the last 12 months so today’s 4.83% drop won’t come as a surprise but with the market sitting on critical support at $0.69, investors really need to brace for further potential losses and protect themselves accordingly.

Top 5 Losers:

• PDN       PALADIN ENERGY -5.43%
• SLR         SILVER LAKE RESOURCES -4.83%
• ((LNC))        LINC ENERGY -4.82%
• ((OGC))       OCEANAGOLD CORPORATION -4.32%
• ((SXL))         SOUTHERN CROSS MEDIA GROUP -3.83%