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ASX 200 futures are currently trading at 6689-higher by 0.37% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.
In the Cash Markets, the ASX 200 lost 2.31% to close at 6,708.10 on Wednesday. It was its lowest closing level in about two months. The ASX 200 has fallen 6.3% in the last four trading sessions.
The Index fell today as the fast-spread of the pneumonia-causing virus beyond the mainland China aroused fears that the outbreak could turn into a pandemic that could hit the global economy.
Worries of a global pandemic increased after Asia reported hundreds of new China-linked virus cases and the US warned of an unavoidable pandemic.
The coronavirus has infected around 80,000 people and killed more than 2,700 people.
A WHO official said on the prior day that countries must prepare immediately for the virus outbreak so they can react rapidly when it reaches.
In Australia, 185 of the 200 shares on the ASX 200 ended lower today.
Financials shares were the top losers today, down 2%. Index components Commonwealth Bank of Australia and Westpac Banking Corp fell 1.67% each on Wednesday.
AMP Ltd plunged 4.65% to finish at its lowest level since 14th February.
Energy shares fell 2.4% to their lowest closing level since August. Stocks of Woodside Petroleum dropped 2.96% to end at their lowest in about two years.
Virgin Australia fell 4.2% after the company warned that its bottom line would take a hit as the flu-like virus outbreak reduces demand.
Woolworths Group Ltd fell 2.68% after the company warned of softer trading ahead as drought and months of bushfires hurt the quality of its produce.
Official data released earlier today showed that Construction Work Done in Australia in the fourth quarter declined 3.0% on a quarter-on-quarter basis. The index change was below the market expectation of a fall of 1%.
On the technical front, the RSI is currently at 30.11% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Buy At 6685 Take Profit At 6710 Stop Loss At 6673