{"id":62682,"date":"2013-10-21T18:09:21","date_gmt":"2013-10-21T07:09:21","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/10\/21\/australian-stocks-what-happened-today-194\/"},"modified":"2013-10-21T18:09:21","modified_gmt":"2013-10-21T07:09:21","slug":"australian-stocks-what-happened-today-194","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/10\/21\/australian-stocks-what-happened-today-194\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"
By Ashley Jessen<\/div>\n
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ASX Top Gainers & Losers plus Market Snapshot – 21 October 2013<\/strong><\/p>\n

Five straight positive trading sessions on the S&P\/ASX 200 and the best weekly gains (last week) in around 3 months, continues to push our market to fresh 5 year highs with many bulls calling for further blue sky potential going forward. With the US political situation and debt ceiling issues having been thrown a bucket of cold water, we are starting to see a more risk-on approach by market participants, which translated locally on the S&P\/ASX 200 to a gain of 30.3 points or 0.57% on light volume of $3.6 billion.<\/p>\n

The Materials and Consumer Staples sector pushed ahead rather bullishly today, rising 1.18% and 1.10% respectively, as did another 6 other sectors with a sea of green across the screens. Only three sectors were unable to advance on the day with Health Care pulling back 0.25% and Telecommunication stocks broadly falling 0.18%.<\/p>\n

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

With 6 of the last 7 trading sessions rising, we are finally starting to see some real strength behind the breakout into new 5 year highs with very little distributive selling. Intraday market action was extremely bullish in the opening hour, posting an out-of-the-gate 45 points but consolidated for the remainder of the session in a narrow 13 point range, giving little hope for intraday traders looking for volatility. Momentum continues to favour the bulls and we’ll continue to monitor the strength of the uptrend daily.
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\nASX top 200 stock analysis<\/strong><\/p>\n

6% of stocks are showing oversold levels, 43% are showing overbought levels and 67% of stocks are currently above their long term moving average as of close of trading today. With markets trending into new higher territory we’ll start to see a consistent and increasing number of stocks above their long term moving average and, in the short term at least, a higher number of stocks showing overbought versus a low amount showing oversold.<\/p>\n

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

Sundance Resources ((SDL)) was issued a ‘speeding ticket’ on Thursday due to a fast moving market combined with heavily increased trading volume and today managed to spike up an incredible 31.31% on 102 million shares and has now closed above previous resistance at $0.12.Linc Energy ((LNC)) had another successful upbeat trading session, rising 12.26%, which brings the gains over the last 2 week to 61%.<\/p>\n

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

•    SDL    SUNDANCE RESOURCES +31.31%
\n•    LNC    LINC ENERGY +12.26%
\n•    ((CDU))    CUDECO +8.33%
\n•    ((ARI))    ARRIUM +6.59%
\n•    ((AQA))    AQUILA RESOURCES +4.44%<\/p>\n

Qantas Airways ((QAN)) had a rather large outside trading day on Friday and the news continued to be dire today, falling a further 5.59% on nearly 20 million shares in turnover and has now pushed the share price below support at $1.38. Energy World Corporation ((EWC)) closed the day with a dark cloud cover candlestick formation whereby the market gapped up on open and closed below the midpoint, finishing the session down 4.21%.<\/p>\n

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

•    QAN    QANTAS AIRWAYS -5.59%
\n•    EWC    ENERGY WORLD CORPORATION -4.21%
\n•    ((TEN))    TEN NETWORK HOLDINGS -3.57%
\n•    ((SLR))    SILVER LAKE RESOURCES -2.86%
\n•    ((PNA))    PANAUST -2.71%<\/p>\n<\/div>\n

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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
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Author's Disclaimer:<\/em><\/div>\n
\n
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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\/62682"}],"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=62682"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62682\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}