Australian Stocks: What Happened Today?

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            [7] => ((TEN))
            [8] => ((SLR))
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ASX Top Gainers & Losers plus Market Snapshot – 21 October 2013

Five straight positive trading sessions on the S&P/ASX 200 and the best weekly gains (last week) in around 3 months, continues to push our market to fresh 5 year highs with many bulls calling for further blue sky potential going forward. With the US political situation and debt ceiling issues having been thrown a bucket of cold water, we are starting to see a more risk-on approach by market participants, which translated locally on the S&P/ASX 200 to a gain of 30.3 points or 0.57% on light volume of $3.6 billion.

The Materials and Consumer Staples sector pushed ahead rather bullishly today, rising 1.18% and 1.10% respectively, as did another 6 other sectors with a sea of green across the screens. Only three sectors were unable to advance on the day with Health Care pulling back 0.25% and Telecommunication stocks broadly falling 0.18%.

Looking over the charts

With 6 of the last 7 trading sessions rising, we are finally starting to see some real strength behind the breakout into new 5 year highs with very little distributive selling. Intraday market action was extremely bullish in the opening hour, posting an out-of-the-gate 45 points but consolidated for the remainder of the session in a narrow 13 point range, giving little hope for intraday traders looking for volatility. Momentum continues to favour the bulls and we’ll continue to monitor the strength of the uptrend daily.
 
ASX top 200 stock analysis

6% of stocks are showing oversold levels, 43% are showing overbought levels and 67% of stocks are currently above their long term moving average as of close of trading today. With markets trending into new higher territory we’ll start to see a consistent and increasing number of stocks above their long term moving average and, in the short term at least, a higher number of stocks showing overbought versus a low amount showing oversold.

S&P/ASX 200 Gainers and Losers

Sundance Resources ((SDL)) was issued a ‘speeding ticket’ on Thursday due to a fast moving market combined with heavily increased trading volume and today managed to spike up an incredible 31.31% on 102 million shares and has now closed above previous resistance at $0.12.Linc Energy ((LNC)) had another successful upbeat trading session, rising 12.26%, which brings the gains over the last 2 week to 61%.

Top 5 gainers:

•    SDL    SUNDANCE RESOURCES +31.31%
•    LNC    LINC ENERGY +12.26%
•    ((CDU))    CUDECO +8.33%
•    ((ARI))    ARRIUM +6.59%
•    ((AQA))    AQUILA RESOURCES +4.44%

Qantas Airways ((QAN)) had a rather large outside trading day on Friday and the news continued to be dire today, falling a further 5.59% on nearly 20 million shares in turnover and has now pushed the share price below support at $1.38. Energy World Corporation ((EWC)) closed the day with a dark cloud cover candlestick formation whereby the market gapped up on open and closed below the midpoint, finishing the session down 4.21%.

Top 5 Losers:

•    QAN    QANTAS AIRWAYS -5.59%
•    EWC    ENERGY WORLD CORPORATION -4.21%
•    ((TEN))    TEN NETWORK HOLDINGS -3.57%
•    ((SLR))    SILVER LAKE RESOURCES -2.86%
•    ((PNA))    PANAUST -2.71%