ASX Shares Daily – November 19th

By Chris Becker

After a small uptick on US markets on Friday night, Asian markets followed in suit today, with the ASX200 closing up 0.6% today – for a full roundup, see below including technical analysis of the bourse.

The Nikkei 225 put on another solid day again, up 1.4% – all because of Yen weakness – breaking out of its sideways rangebound trade soon?

Chinese markets remain in a funk, with the Hang Seng going nowhere, while the Shanghai Composite is dicing again with support at 2000 points.

The Aussie dollar is up slightly on the risk-on move again, bouncing off its own 200 day moving average and retaining its sideways bullish bias:

As I said on Friday, the US dollar looks like running out of puff, in the US Dollar Index at least, and gold is slightly rangebound between $1700 and $1740USD per ounce:


Australian Stocks

The biggest winner today was energies – namely the big players Origin Energy (ORG) and Santos (STO), both up 4% or so after being oversold recently:

Is this just a short term exhaustive rebound or start of something new?

As for the market itself, it has approached the closely watched 200 day moving average, where I said on Friday that “a cross of that is required before a full blown correction – down to 4000 or so points – can be called” – for now, crisis averted:


As always, watch the European and US close tomorrow morning and read Macro Investor Technicals to get the bigger picture, and have nice day.

This free daily update should be read alongside Live Trades articles, published every morning at Macro Investor, and placed in context with the longer trends and macro drivers within the overall technical picture,  where Former “Trading Week” readers will find it reborn as “Technicals“, published 8.30am each Monday morning at Macro Investor. Chris Becker is an investment strategist at Macro Investor, Australia’s leading independent investment newsletter covering stocks, trades, property and fixed interest.  A free 21-day trial is available at the site. You can follow Chris on Twitter.

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