Australian Stocks: What Happened Today?

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ASX Top Gainers & Losers plus Market Snapshot – 28 April 2014

Iron Ore is limit down, the Aussie Dollar has found support and the ever impressive Aussie 200 manages to buck Friday’s negative trend and rise for the session.

What are traders talking about today? 

• S&P/ASX200 gained 5.1 points or +0.09% on volume of $2.3 billion, closing ­­at 5536.1.
• Gold has certainly had a busy couple of days with volatility increasing dramatically as a number of key stop loss levels were hit over Thursday and Friday’s trading sessions. The double bottom contained current prices but the current upswing seems to be running out of pace around the $1,302 level.
• The Nikkei 225 has fallen back over the last 4 trading sessions to be sitting right on support at 14,300 and will need to hold this level for any chance of upward momentum over the next few days.
• Many international indices such as the Nasdaq and the DAX are struggling at current levels with many hitting lower highs and recent lower lows, indicating a change in trend is currently taking place.
• Amazon and Ford motor company reporting lower than expected earnings on Friday’s trading session, which helped push the Dow Jones and Nasdaq indices lower and we still have a number of key index constituents to report this week, so expect a busy week ahead.
• Iron Ore prices are currently sitting at limit down, losing over four per cent so we’ll need to keep a close eye on futures prices as they open up tomorrow.
• The Aussie Dollar seems to be finding some support just above the 0.9250 mark and has been testing this level over the last few trading sessions with the market currently sitting at 0.9293 as I type.

Economic news

• Australia had their state of states for April, showcasing how each state is performing relative to one another, with WA coming in front yet again but the gap they had to 2^nd has since closed. NSW came in third with NT in 2^nd place following their exploration for gas fields.
• Forex traders will be keeping a very close eye on the non-farm payroll data due out on Friday in the US with an expectation set around 203,000 jobs being added in April.

Australian sector watch

Looking over the charts

• Despite the long weekend and reasonable sell off over in the US on Friday, the Aussie 200 index managed to climb higher yet again, touching ever so close to near 6 year highs.
• Technically the cash futures has had a bullish close taking care of the Friday sell off as overseas bourses ended the day sharply lower.
• Traders will be looking for a positive close above current resistance around the 5550 level, with momentum clearly favouring the bulls yet again.
• Savvy traders will be looking for the pain to be felt by those shorting the market and having to cover those shorts if the Aussie 200 does happen to clear current resistance levels and break into higher territory. This will be one to watch over the next few days.

ASX top 200 stock analysis

14% of stocks are showing oversold levels, 48% are showing overbought levels and 63% of stocks are currently above their long term moving average as of close of trading today. View the image below to better understand overbought and oversold levels.

S&P/ASX 200 Gainers and Losers

Top 5 gainers:

• GFF        GOODMAN FIELDER +15.45%
• NCM      NEWCREST MINING +4.78%
• BDR        BEADELL RESOURCES +4.51%
• EVN       EVOLUTION MINING +4.44%
• MGX      MOUNT GIBSON IRON +3.25%

Top 5 Losers:

• ACR        ACRUX -33.23%
• LYC         LYNAS CORPORATION -8.11%
• KAR        KAROON GAS AUSTRALIA -7.56%
• AQA       AQUILA RESOURCES -5.70%
• AGO      ATLAS IRON -5.13%