ASX Shares Daily – August 14th

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By Chris Becker

A slightly green day on Asian markets, with the ASX200 just finishing in the green after a volatile day, up almost 9 points to 4292 points. I’ll take a closer look at the bottom of the post for a full roundup including technical analysis of the bourse itself.

The rest of Asia did better, with the Nikkei 225 up 0.5%, the Hang Seng up nearly 1% and mainland Chinese markets hopeful of stimulus again, with the Shanghai Comp up 0.3%:

On currency markets, the Aussie fell to support at 1.05 and has rebounded slightly as Euro markets have opened, while the Euro/USD is seeing strong bids, building on its breakout above 1.23, almost at 1.24

Of course, the US Dollar Index has weakened, almost hitting the 82 point support level, as gold (USD) remains frustratingly in a sideways trend, coming back a bit during the Asian session today, currently at $1615USD per ounce. In AUD terms, it has come back to $1533AUD per ounce

Australian Stocks

Earnings season continued today – which explains this late post – 16 companies reporting! As you can see in the table opposite, the big mover was telecom (i.e Telstra) which rebounded after falling post its earnings release last week:

The market itself is holding up after getting a little ahead of itself. I said on Friday that a continued retracement to around 4200 was a good healthy sign for any rally to continue as marked on the chart below:

As always, watch for the overnight markets for the leads and check out other indicies/sectors and stocks for opportunities.

These daily updates need to be placed in context with the longer trends and drivers amidst the overall technical picture, where Former “Trading Week” readers will find it reborn as “Technicals“, published 8.30am each Monday morning.

Chris Becker is an investment strategist at Macro Investor, Australia’s leading independent investment newsletter covering stocks, trades, property and fixed interest. Each week Macro Investor publishes tables on the top ten most undervalued and overvalued stocks on the ASX. A free 21-day trial is available at the site.

You can follow Chris on Twitter.

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