Ashley Jessen is the director of LCG Markets Australia
ASX Market Summary
Successive positive closes on the market continue to grab headlines across the world, with nearly all indices hitting new multi year highs. Locally the S&P/ASX 200 rose 25 points or 0.51% for its 8th day of consecutive gains to close at 4835.2.
Apple shares made headlines overnight, falling 12.35% off the back of their quarterly profit report, announcing a $13.1 billion profit.
In a sea of green, the Technology sector performed the best, rising 1.53% with the Health Care sector remaining firm among investors favourite list, rising 1.20%. Only two sectors were in the red with Basic Materials and Utilities falling 0.63% and 0.33% respecitvely.
Looking over the charts
Green candles continue to flood the S&P/ASX 200 chart with 8 straight up days. It should be obvious by now that momentum is strictly on the side of the bulls with bears nowhere to be seen. Today’s candle close, almost right on its high, bodes well for another follow through up session as traders have absolutely no obvious reason to sell current winning positions.
S&P/ASX 200 Gainers and Losers
Karoon Gas Australia (KAR:ASX) rocketed over 14% today after announcing they have discovered oil off the coast of Brazil, clearly closing above previous resistance points around the $5.90 level. Maverick Drilling (MAD:ASX) continued the vein of exploration companies performing well, rising a promising 8.40% but it is coming off the back of a consistent downtrend in prices.
Resolute Mining (RSG:ASX) gave back all of this week’s gains today, falling 6.35% as it tracks towards new multi year lows. Kingsgate Consolidated (KCN:ASX) also managed to remain heavily in the red, falling 6.20% and it too is fast approaching new multi year lows with support at $4.40 and then $4.00 its only hope.
This report is provided by Ashley Jessen, Director of LCG Markets Australia.
