Australian Stocks: What Happened Today?

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            [0] => ((ORI))
            [1] => ((MYR))
            [2] => ((SDL))
            [3] => ((WHC))
            [4] => ((QBE))
            [5] => ((LNC))
            [6] => ((KCN))
            [7] => ((LYC))
            [8] => ((NST))
            [9] => ((EVN))
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            [0] => ORI
            [1] => MYR
            [2] => SDL
            [3] => WHC
            [4] => QBE
            [5] => LNC
            [6] => KCN
            [7] => LYC
            [8] => NST
            [9] => EVN
        )

)

List StockArray ( [0] => ORI [1] => MYR [2] => WHC [3] => QBE [4] => KCN [5] => LYC [6] => NST [7] => EVN )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 11 November 2013

Positive US jobs data suggesting 205,000 new jobs were added versus an expectation of 120,000, provided a handy boost of 167 points to the Dow Jones, to cap off 5 straight weeks of gains but with Gold down under $1,300 an ounce, we knew the start to the week would be anything but normal.

With the S&P/ASX200 tiptoeing around a potential short term break out, Chinese economic data in line or beating expectations on Saturday, plus many world markets hitting all time highs, it would almost seem a foregone conclusion that we’d break higher. Unfortunately the S&P/ASX200 was unable to hold on to an early 40 point rise and actually closed the day in the red by 13.6 points or 0.25% on volume of $3.4 billion.

The Information Technology sector managed to lead the way today, rising a well and truly above-average 1.30%, breaking into new blue sky territory and providing some handy optimism for the bulls. Health Care was the next best performer rising 0.34%. The Telecommunications and Real Estate Investment Trust sectors were unable to get out of the red, falling 0.79% and 0.63% respectively.

Looking over the charts

Today’s inside day has sent an ominous sign to traders who are eyeing off a great little short term breakout into new 5 year highs. Friday’s futures data pushed our market to the edge of the breakout but today we were unable to see any sort of follow through, which will no doubt confuse those looking to load up on long positions on confirmation of a breakout. Unusually the bearish divergence signal is plodding away but without our market hitting new highs, it loses the impact and so we’ll discount this bearish divergence signal until we start to see our market hitting new highs as opposed to flat lining at the top of the range.

ASX top 200 stock analysis

30% of stocks are showing oversold levels, 16% are showing overbought levels and 61% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Orica ((ORI)) recovered two weeks of its recent sliding share price and broke into a new 5.5 month high after rallying an impressive 11.62% off the back of announcing an expectation of bigger and better things to come in 2014, as they work on improving their explosive and blasting systems. Myer Holdings ((MYR)) had been building up to a short term breakout and the flood gates could not hold the share price back, rising 3.88% and hitting a new 1 month high on above average volume.

Top 5 gainers:

ORI ORICA 11.62%
((SDL)) SUNDANCE RESOURCES 4.55%
MYR MYER HOLDINGS 3.88%
((WHC)) WHITEHAVEN COAL 2.97%
((QBE)) QBE INSURANCE GROUP 2.68%

Linc Energy ((LNC)) gave back all of Friday’s above average gains to post a disappointing 10.95% drop and move ever closer to critical support levels around the $1.10 mark. Kingsgate Consolidated ((KCN)) fell 5.78% as it approaches ever closer to a breakout to the downside whilst sitting on a triple bottom. Having said that there is a more powerful descending triangle forming which will be one to keep a close eye on going forward.

Top 5 Losers:

LNC                LINC ENERGY -10.95%
KCN                KINGSGATE CONSOLIDATED -5.78%
((LYC))             LYNAS CORPORATION -5.71%
((NST))             NORTHERN STAR RESOURCES -5.59%
((EVN))            EVOLUTION MINING -5.03%

 

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