Australian Stocks: What Happened Today?

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            [0] => ((ARI))
            [1] => ((TEN))
            [2] => ((SDL))
            [3] => ((BRU))
            [4] => ((MMS))
            [5] => ((SBM))
            [6] => ((PRU))
            [7] => ((OGC))
            [8] => ((NST))
            [9] => ((EVN))
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            [0] => ARI
            [1] => TEN
            [2] => SDL
            [3] => BRU
            [4] => MMS
            [5] => SBM
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            [7] => OGC
            [8] => NST
            [9] => EVN
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List StockArray ( [0] => ARI [1] => BRU [2] => MMS [3] => SBM [4] => PRU [5] => NST [6] => EVN )

By Ashley Jessen

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

Australian traders and investors will be focused on the Reserve Bank of Australia’s (RBA) release of their minutes on Tuesday this week, which will likely have an impact on the Aussie Dollar. Despite positive leads from both Europe and the US markets on Friday, the S&P/ASX 200 fell immediately on open, down over 40 points, before steadying and recovering more than half of the losses to close the day down 17 points or 0.31% on volume of $3.1 billion.

Plenty of red across the sectors today with only the Materials stocks able to claw their way into positive territory, rising a mere 0.02% as they continue to threaten a strong potential breakout to the upside. Consumer Staples also had a flat day, ending the session down 0.08%. Those falling the most were Consumer Discretionary and Energy sectors which pulled back 0.89% and 0.61% respectively.

Looking over the charts

Despite a near tweezer top and hanging man candlestick formation, we notice that the momentum is still pointing to the long side, albeit slowly and on falling volume, so effectively we are seeing mixed signals at this point in the chart. Markets have bounced off a new higher low, which is a positive sign but have not been able to close above the key 5400 level, which traders will be watching closely over the next couple of days. If the S&P/ASX 200 pulls back from here we will be eyeing off the 5350 mark as the key support level which most hold for any further upside potential to grab hold.

ASX top 200 stock analysis

26% of stocks are showing oversold levels, 20% are showing overbought levels and 56% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Arrium ((ARI)) broke out of its short term ascending triangle formation to rise a better than average 7.89% on double the average volume after the Chairman, Peter Smedley, announced his departure, suggesting he’ll be there 1 more year. Ten Network Holdings ((TEN)) continued the positive bounce higher on rising volume after an excellent 5.45% gain on the day as it now approaches resistance around the $0.29 – $0.295.

Top 5 gainers:

ARI         ARRIUM +7.89%
TEN        TEN NETWORK HOLDINGS +5.45%
((SDL))    SUNDANCE RESOURCES +4.17%
((BRU))    BURU ENERGY +3.91%
((MMS))   MCMILLAN SHAKESPEARE +3.17%

St Barbara ((SBM)) had a nervous pull back today of 9.72% after what appeared to be a solid bounce off new recent lows with investors watching the price carefully as it teeters on hitting the lowest price since 2005. Perseus Mining ((PRU)) appears to be destined to head lower after falling 7.69% on rising volume and hitting the same low price as last Wednesday, which is the lowest price since late 2008.

Top 5 Losers:

SBM               ST BARBARA -9.72%
PRU               PERSEUS MINING -7.69%
((OGC))           OCEANAGOLD CORPORATION -6.96%
((NST))            NORTHERN STAR RESOURCES -5.13%
((EVN))            EVOLUTION MINING -4.67%

 

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