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ASX 200 RISES ABOVE MA5 ON GAINS IN RESOURCES SECTOR - Capital Street FX

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    • ASX 200 RISES ABOVE MA5 ON GAINS IN RESOURCES SECTOR
27-Dec
19:08 IST

ASX 200 futures are currently trading at 6738-higher by 0.47% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the ASX 200 rose 0.40% to close at 6,821.70 on Friday. The index ended in positive territory today after the news the Beijing was in contact with Washington for the phase one trade deal agreement.

Australian stocks rose for a three-straight week in December as jumps in ore and precious metals lifted the resources sector.

Global miners BHP group added 1.1% while Rio Tinto added 0.5%.

The broadest index of Asia-Pacific that is the MSCI has inched up by 0.8% to 555.39.

The best performers on the index were- Skiver lake resources Ltd. Which added 7.29%, Jumbo Interactive Ltd. Which rose 5.57% and Gold Road Resources Ltd which added %.02%.

The worst performers on the index were- AusNet Services Ltd. Which lost 1.98%, GWA Group Ltd. Which fell 1.73% and Beach Energy Ltd which declined 1.15%.

The ASX 200 VIX, was up by 2.24% to 10.954.

In the currency market the AUD/USD rose 0.08% while the AUD/JPY fell by 0.04%.

On the data front, the private sector credit MoM for the November month released on Monday came in at 0.3%. the index was in line with the market expectations of 0.3%.

On the technical front, the RSI is currently at 73.45% and suggests that the market can move in the upward direction. The current price is trading above 5, 20 and 50-day moving averages. The %K has crossed the %D form below to the upside at around 16% and suggests the market can move in upward directions.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

TRADE SUGGESTION- BUY@ 6738, STOP LOSS@ 6723, TARGET@ 6768

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