Australian Stocks: What Happened Today?

Array
(
    [0] => Array
        (
            [0] => ((SIR))
            [1] => ((SLR))
            [2] => ((PRU))
            [3] => ((EVN))
            [4] => ((MML))
            [5] => ((LNC))
            [6] => ((GEM))
            [7] => ((BRG))
            [8] => ((QAN))
            [9] => ((BSL))
        )

    [1] => Array
        (
            [0] => SIR
            [1] => SLR
            [2] => PRU
            [3] => EVN
            [4] => MML
            [5] => LNC
            [6] => GEM
            [7] => BRG
            [8] => QAN
            [9] => BSL
        )

)

List StockArray ( [0] => PRU [1] => EVN [2] => MML [3] => GEM [4] => BRG [5] => QAN [6] => BSL )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 23 October 2013

Despite weaker than expected unemployment data out of the US over night, some 18 days late, markets were relatively upbeat with Gold decidedly stronger and the consensus among market professionals is that the weaker jobs number will mean the monthly stimulus program will continue, at least for the immediate future. Locally the S&P/ASX 200 shot out of the gate early, breaking the 5400 mark for the first time in 5 years but was unable to maintain the enthusiastic buying and ended up closing the day down 17 points or 0.32% on just over $4 billion in turnover.

Plenty of red across the screens today with only 3 sectors managing to push forward, with the Materials and Telecommunications Services sectors leading the way, up 0.77% and 0.40% respectively. Utilities well and truly struggled, falling a below par 1.62% and Health Care was also heavily hit, going down 1.27%.

Looking over the charts

Markets were unable to push ahead for the 7^th consecutive session but today’s pull back is still extremely mild and well within normal ranges, giving positive hope to those aggressively long this market. We noted a break above the psychological level of 5400, albeit briefly, with a fair amount of distributive selling pushing our market to nearly close on the low of the day, down 45 points from the intraday high. Whilst this isn’t any cause for concern, savvy traders watching the overbought signals will be eyeing off the immediate support levels for a bounce back.

ASX top 200 stock analysis

7% of stocks are showing oversold levels, 55% are showing overbought levels and 71% of stocks are currently above their long term moving average as of close of trading today. A reading of 71% is just off the 79% peak recorded over the last 2 years and indicates that the majority of stocks are pushing ahead nicely.

S&P/ASX 200 Gainers and Losers

Sirius Resources ((SIR)) managed a valiant fight back from recent strong selling to record a handy 12.89% gain and break above immediate resistance at $2.40 on 5 times the average volume. Silver Lake Resources ((SLR)) had an equally upbeat trading session, rising 12.41% on rising volume as it too managed to fight back strongly from a steady 2 month losing period.

Top 5 gainers:

• SIR          SIRIUS RESOURCES NL +12.89%
• SLR         SILVER LAKE RESOURCES +12.41%
• ((PRU))       PERSEUS MINING +12.38%
• ((EVN))       EVOLUTION MINING +9.37%
• ((MML))     MEDUSA MINING +9.05%

Linc Energy ((LNC)) was pushing strongly towards a short term high with the double top looming too large of a barrier and unfortunately Linc Energy was sold off a disappointing 7.67% on steady volume. G8 Education ((GEM)) has been one of the most steadily performing stocks on the ASX, touching just over $3.40 recently but today some profit takers stepped in and pushed the price back 5.25%, which is threatening the current uptrend.

Top 5 Losers:

• LNC        LINC ENERGY -7.67%
• GEM      G8 EDUCATION -5.25%
• ((BRG))       BREVILLE GROUP -4.77%
• ((QAN))      QANTAS AIRWAYS -4.60%
• ((BSL))         BLUESCOPE STEEL -4.28%

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