Australian Stocks: What Happened Today?

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            [7] => ((ANN))
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            [9] => ((CGF))
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List StockArray ( [0] => PDN [1] => MML [2] => QAN [3] => ANN [4] => SMX [5] => CGF )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 18 October 2013

Strong commodities, extremely bullish Aussie Dollar and our local ASX200 hitting fresh 5 year highs has created a very upbeat way for traders, analysts and brokers to close out their week, as we note the US government will be extending the debt ceiling and talk of the tapering to back off. Gold was up over $40, the S&P500 hit record highs and Google beat expectations, which made for an extremely positive day on the S&P/ASX 200, closing up 38.4 points or 0.73%.

Complete green screens are always a nice way to end the week with all sectors pushing forward and impressing to the upside. The Telecommunications Services sector was the stand out performer, rising 1.48% with Consumer Discretionary pushing ahead a better than average 1.13%. Those that didn’t manage such strong gains were the Energy and Materials sector, rising 0.18% and 0.27% respectively.

Looking over the charts

With a breakout firmly in place and the previous highs finally breached, the market would be expected to continue to show overbought signals so long as it maintains the price above previous resistance at 5314. Yesterday we spoke about range bound systems dominating recently and now we’ll start to see our trend following systems register more entry points as markets start to break out and trend higher. Intraday market action was very positive with a good, solid and steady climb higher throughout the day backed up by higher than average volume.
 
ASX top 200 stock analysis

9% of stocks are showing oversold levels, 36% are showing overbought levels and 62% of stocks are currently above their long term moving average as of close of trading today. Clearly the market has now broken into overbought areas and we should expect that going forward as the market has breached the previous highs and would be considered to be trending.

S&P/ASX 200 Gainers and Losers

Cudeco ((CDU)) gapped up nicely today and finished the session up 100.77% on rising volume, which is a great sign for the troubled stock going forward. Paladin Energy ((PDN)) has finally has a positive day after countless down days, rising an impressive and much needed 10.00% on average volume.

Top 5 gainers:

•    CDU    CUDECO +10.77%
•    PDN    PALADIN ENERGY +10.00%
•    ((MML))    MEDUSA MINING +8.81%
•    ((LNC))    LINC ENERGY +8.39%
•    ((SDL))    SUNDANCE RESOURCES +7.61%

Atlas Iron ((AGO)) could not maintain the impressive spike upwards to hit above the $1.10 mark but instead fell backwards as profit takers stepped in, pushing the price down 4.35%. Qantas Airways ((QAN)) had a massive outside day, gapping up on open and pushing higher then getting sold off aggressively to close below the previous day’s low, forming the outside day. Qantas fell 3.38% on triple the average volume as they announced lower returns from their airfares.

Top 5 Losers:

•    AGO    ATLAS IRON -4.35%
•    QAN    QANTAS AIRWAYS -3.38%
•    ((ANN))    ANSELL -2.99%
•    ((SMX))    SMS MANAGEMENT & TECHNOLOGY -2.24%
•    ((CGF))    CHALLENGER -2.22%

 

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