Trading Day: 28th June

The S&P/ASX 200 jumped over one percent at the open this morning, but has fallen after midday, now at 4473 points, up 11 points or 0.26%.

Asian markets are up, with the Nikkei 225 up 1.08 percent to 9681 points, and the Hang Seng up 0.36% to 22,121 points.

Other risk assets are also up, but the AUD is still below critical support at 1.05 against the USD, now at 1.0467, whilst gold also hovers above support at $1500 USD an ounce. WTI crude is steady at $90.96 USD per barrel.

Movers and Shakers
It’s mainly green across the board with most sectors advancing. The four major banks are providing most of the gains on good (sic) news, with ANZ up 0.24%, CBA up 0.77%, NAB up almost 1% and WBC the standout, up 1.32%.

BHP is up modestly, 0.25% to $42.40, whilst RIO is up 0.31% to just above $80 per share.

In other ASX200 stocks, Gunns (GNS) is giving day traders something to do, up 5.88% whilst CSL is being bid up due to the weak dollar, up 2.8% to $31.54

The losers include Boart Longyear (BLY) down 4%, Alesco (ALS) down 2.4% and Rock Oil (ROC) down 3.3%

Daily Chart
The daily chart shows how the current price activity is becoming schizophrenic, continuing to hover around around the low point of the Japanese/MENA lows of March but with no clear (short term) direction. 4500 points is now resistance (i.e the price above the market is not willing to pay) but could switch to support in the event of a rebound rally.

Daily Chart

Prices are generally following a trend channel as noted in the daily chart above. Continued bearish action and a generally new “risk off” phase across asset markets means that a failure to close above 4500 points implies a target of 4200 points for the index as shown in the weekly chart below.

Weekly chart showing next line of support at 4200 points

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