Australian Stocks: What Happened Today?

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List StockArray ( [0] => FMG [1] => FBU [2] => LYC [3] => EWC [4] => BRU )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 13 November 2013

Weakness across both Europe and the US markets overnight plus Gold sitting precariously close to critical support levels, opened up our session for a potentially bad day and it appears a few more stops were triggered than the overnight weakness may have suggested. Initial targets had the SPI futures pointing to a fall of 26 points and despite Wespac’s Consumer Confidence figures strengthening by 1.9%, the S&P/ASX 200 gathered momentum to the downside, closing the session 73.9 points lower or 1.3% on volume of $4.1 billion.

One solitary sector managed to show some positive direction today with Information Technology rising 0.9% after breaking into new blue sky territory. Next of the sectors to outperform, but hardly getting excited about it, is the Telecommunication sector, falling 0.6%. Two sectors really came under heat today with the Property Trust and Financials falling the hardest, down 1.9% and 1.8% respectively.

Looking over the charts

5320 is a fairly important immediate support level for the S&P/ASX 200 and with today’s 5319.2 close, we are sitting right on it. Momentum has changed after more than 2 weeks of sideways consolidation, but the good news for the bulls is that the stochastic oscillator is moving into oversold territory and we may be coming up to a new higher low, especially if the market can hold around the 5300-5320 level. It is helpful when picking entry or exit points for any market to identify the zone as it is often the case the market can overshoot common technical levels.

ASX top 200 stock analysis

41% of stocks are showing oversold levels, 9% are showing overbought levels and 56% of stocks are currently above their long term moving average as of close of trading today. Quite a large change in our numbers today and one of the biggest moves over the last couple of weeks. Stocks are starting to lean towards oversold and the number of stocks above their long term moving average is starting to fall.

S&P/ASX 200 Gainers and Losers

Sundance Resources (SDL:ASX) has been tracking sideways for the last month but today’s 9.09% rise in price lines it up very nicely for a potential short term ascending triangle breakout to the upside and will be on to keep an eye on over the next 1-3 days. CSR gapped up this morning on open and had quite a volatile session, closing the day higher by 8.30% after announcing a lift in profits with their full year profit estimated up to $70 million.

Top 5 gainers:

• ((SDL)) SUNDANCE RESOURCES +9.09%
• ((CSR)) CSR +8.30%
• ((BLY)) BOART LONGYEAR +3.90%
• ((FMG)) FORTESCUE METALS GROUP +2.85%
• ((FBU)) FLETCHER BUILDING +2.03%

Linc Energy continues to move on shaky territory with another down day, forcing it ever closer to the most immediate and 2^nd to last line of support, after today’s 7.89% drop in value on rising volume. Panaust is also sitting in a precarious position, closing below support at $1.75 by 2 cents after today’s 5.98% drop in value on 3 times the average volume.

Top 5 Losers:

• ((LNC)) LINC ENERGY -7.89%
• ((PNA)) PANAUST -5.98%
• ((LYC)) LYNAS CORPORATION -5.97%
• ((EWC)) ENERGY WORLD CORPORATION -5.75%
• ((BRU)) BURU ENERGY -5.41%

 

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