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ASX 200 INCHES DOWN ON LOSSES IN ENERGY AND TECH STOCKS - Capital Street FX

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    • ASX 200 INCHES DOWN ON LOSSES IN ENERGY AND TECH STOCKS
18-Feb
18:54 IST

ASX 200 futures are currently trading at 7038-lower by 0.33% 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 lost 0.16% to close at 7,113.70 on Tuesday. The benchmark index dropped 0.7% in the previous day. The ASX 200 ended lower today, led by losses among tech and energy shares, due to concerns over the impact of the Pneumonia-causing virus on China’s economy and its global supply chains.

iPhone-maker Apple’s warning that it will not meet its revenue expectation in the current quarter dragged the overall market lower today.

Australia’s technology index fell 1.2% on Tuesday. The index dropped led by losses from index component Altium Ltd which had signaled weak outlook due to the coronavirus epidemic.

Cochlear Limited fell 3.39% after it reported a flat underlying profit. The hearing implant maker also signaled that demand for hearing implants may struggle to catch-up in China if the epidemic does not moderate soon.

Energy shares declined today as crude prices dropped pressured by concerns over the impact of the pneumonia-causing virus outbreak in China on oil demand. Woodside Petroleum led the losses among energy shares, falling 1.32%.

Index components Oil Search Limited and Beach Energy declined 1.55% and 0.47% respectively on Tuesday.

BHP Group rose 0.81% after it posted its best profit in five years. Heavyweight miner Rio Tinto also gained 0.48% despite cutting its iron ore shipment forecast on Monday.

Consumer Staples company Coles Group lost 0.95% after it said that it underpaid some store managers for six years, crimping its semi-annual profit.

Financials Commonwealth Bank of Australia and Westpac Banking Corp added 0.89% and 0.51% respectively on Tuesday.

On the economic front, the Wage Price Index for the fourth quarter is scheduled to be released early on Wednesday. The index is expected to rise by 0.5% on a QoQ basis.

On the technical front, the RSI is currently at 58.77% 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 7043 Take Profit At 7019 Stop Loss At 7055

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