{"id":62450,"date":"2013-09-06T17:16:28","date_gmt":"2013-09-06T07:16:28","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/09\/06\/australian-stocks-what-happened-today-165\/"},"modified":"2013-09-06T17:16:28","modified_gmt":"2013-09-06T07:16:28","slug":"australian-stocks-what-happened-today-165","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/09\/06\/australian-stocks-what-happened-today-165\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"
By Ashley Jessen<\/div>\n
\n

6 September 2013 ASX Market Summary – Invast Financial Services<\/strong><\/p>\n

The Australian Election and the all important non-farm payrolls were definitely playing on people’s minds with today’s activity very reminiscent of cautious trading activity and the doji start candlestick pattern highlighting the indecision currently in the market. Across the US markets and many leading commodities we’ve seen a contraction in volatility and today on the S&P\/ASX 200 we had a very narrow range with the market closing up a mere 2.5 points to finish at 5145 on volume of $3.6 billion.<\/p>\n

Financials and the Real Estate Investment Trusts outperformed all other sectors today, rising a steady 0.40% and 0.35%. Across the board half the sectors were up and half were down with Utilities and Health Care struggling the most relative to all, falling 0.51% and 0.43% respectively.<\/p>\n

Looking over the charts<\/strong><\/p>\n

Doji star at the bottom of the recent pull back in the midst of a potential higher low is an ominous sign that a more positive week is potentially ahead of us. Today’s price action saw a small rally to the upside followed by a small 35 point pull back whilst the last hour (usually the professional buying activity) managed to boost the market back up to the original open. Given this neutral sign we’ll have to wait for the weekend activity from our Europe and US counterparts to see what next week holds for us.<\/p>\n

ASX top 200 overbought, oversold and trending levels<\/strong><\/p>\n

24% of stocks are showing oversold levels, 30% are showing overbought levels and 54% of stocks are currently above their long term moving average as of close of trading today.<\/p>\n

S&P\/ASX 200 Gainers and Losers<\/strong><\/p>\n

Boart Longyear ((BLY)) managed to impress to the upside today but only by 4.04% as it popped its head above support levels at $0.50, bringing it back into the range between $0.50 and $0.60. Discovery Metals ((DML)) has been struggling all week and despite a relatively flat session, managed to hit the 2nd biggest gainer today, rising 4.00% but still precariously sitting on its last line of support.<\/p>\n

Top 5 gainers:<\/strong><\/p>\n

BOART LONGYEAR +4.04%
\nDISCOVERY METALS +4.00%
\nGWA GROUP ((GWA)) +3.97%
\nPACIFIC BRANDS ((PBG)) +3.38%
\nSMS MANAGEMENT & TECHNOLOGY ((SMX)) +3.38%<\/p>\n

Kingsgate Consolidated ((KCN)) has been unable to hold onto support and today’s 7.58% loss has pushed it below support at $2.00 with $1.80 the next line of defence. Transfield Services ((TSE)) has had profit takers step in on mass with a pullback from $1.38 signalling the opportunity for more short term lucky traders to lock in profits. Today’s 6.32% fall is a mere blip compared to the recent 62.5% gain in 5 trading days.<\/p>\n

Top 5 Losers:<\/p>\n

KINGSGATE CONSOLIDATED -7.58%
\nTRANSFIELD SERVICES -6.32%
\nSILVER LAKE RESOURCES ((SLR)) -6.11%
\nNORTHERN STAR RESOURCES ((NSR)) -6.11%
\nBEADELL RESOURCES ((BDR)) -5.11%<\/p>\n<\/div>\n

 <\/div>\n
Reprinted with permission of the publisher.<\/em> Content included in this article is not by association the view of FNArena (see our disclaimer<\/a>).<\/em><\/div>\n
 <\/div>\n
Author's Disclaimer:<\/em><\/div>\n
\n
\n

CFDs are high risk derivative products and may not be suitable for all investors. You can lose more than your initial deposit and there is a credit risk. Please read the PDS on our website at invast.com.au<\/a> and decide whether CFD trading meets your investment objectives, needs and situation before trading. We recommend you seek independent advice.<\/em><\/p>\n

Invast Financial Services (ABN: 48 162 400 035) is regulated by ASIC (AFSL No. 438 283)<\/em><\/p>\n<\/div>\n<\/div>\n

\"\"<\/p>\n

\nTechnical limitations<\/strong><\/em><\/p>\n

If you are reading this story through a third party distribution channel and you cannot see charts referred to<\/em>, we apologise, but technical limitations are to blame.<\/em><\/strong><\/p>\n

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A wrap of the day’s activity on the Australian stock market.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62450"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=62450"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62450\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}