Trading Day 19th May – risk back on?

The S&P/ASX 200 is up almost 60 points or 1.3% at midday, clawing back some of the losses of the near month long correction. Asian markets however are mixed on the back of the Japanese GDP shrinking, with the Nikkei down slightly, the Hang Seng up 0.4% and Singapore up 0.5%. The AUD is up again to 1.0676 against the USD, whilst gold is flirting with $1500 USD an ounce and WTI oil just over $100 USD per barrel.

The daily charts and intraday buying strongly suggest firm support at 4650/4700 points with a rebound in all sectors. Even banks are up, shrugging off the Moody’s downgrade of yesterday. Individual stock analysis shows evidence of continued support and a rebound off current low price levels.

Close above the 15 day moving average is bullish

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Disclosure: This content should not be taken as investment advice or construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The views expressed are the opinion of the author only. The author may have a position in any of the securities mentioned. Any action that you take as a result of information or analysis is ultimately your responsibility. Consult someone who claims to have a qualification before making any investment decisions.

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