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ASX 200 FALLS BELOW MA5 ON LOSSES IN FINANCIALS AND MINERS - Capital Street FX

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    • ASX 200 FALLS BELOW MA5 ON LOSSES IN FINANCIALS AND MINERS
18-Dec
19:19 IST

ASX 200 futures are currently trading at 6779-lower by 0.98% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the ASX 200 edged up 0.060% to close at 6,851.40 on Wednesday. The index ended just above the flatline today as gains in energy and healthcare shares offset losses in miners and financials.

Oil Search Ltd rose 3.28% after the company revealed that an assessment showed there were higher chances of drilling more oil from its Pikka project in Alaska than was previously estimated.

The move lifted the wider energy index up by 0.8% on Wednesday. Energy sector heavyweight Santos limited also rose 1.07%.

Healthcare shares also gained 0.9% to a record close on Wednesday. Cochlear Ltd and CSL Ltd added 1.87% and 0.80%, respectively.

Index component Northern Star Resources surged 3.32% after the gold miner entered a deal to buy half of a joint venture that owns Super pit.

Some optimism from overnight strength on U.S. markets also lifted Australian stocks today.

On the other hand, all of the big four banks underperformed today. National Australia Bank Ltd. and Westpac Banking Corp fell 0.7% and 0.6%, respectively.

The country’s second-largest lender was hit with a class action related to disclosure issues on Wednesday.

Mining shares, which were among the worst affected by the Sino-U.S. trade tensions, closed in negative territory after rising for six out of the last seven sessions. BHP Group and Rio Tinto Ltd. lost 0.37% and 1.03% respectively on Wednesday.

On the economic front, Westpac Leading Index (MoM) for November released earlier today came in at -0.09%. The index change was a better-than-the market expectation of a fall of 0.1%.

On the technical front, the RSI is currently at 52.19% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.

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

 

Trade Suggestion- Limit Sell At 6784 Take Profit At 6750 Stop Loss At 6801

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