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ASX 200 INCHES UP AS RBA PLAYS UP RECOVERY PROSPECTS -

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    • ASX 200 INCHES UP AS RBA PLAYS UP RECOVERY PROSPECTS
02-Jun
22:27 IST

ASX 200 futures are currently trading at 5840-lower by 0.05% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the ASX 200 added 0.27% today to close at 5,835.10. Lingering concerns over Sino-US relations capped the index’s gains on Tuesday.

The ASX 200 inched up after the Reserve Bank of Australia reiterated that the impact from the pneumonia-causing virus crisis could be less damaging than initially feared, stoking hopes of a rapid economic recovery.

The index rose more than 30% since plunging to a more than seven-year low in March.

The Reserve Bank of Australia today announced its decision to keep the cash rate unchanged at a record low of 0.25%. The central bank also echoed last week’s sentiments that the downturn due to the coronavirus pandemic would likely be less severe than previously estimated.

The sentiment was also lifted after a significant drop in new coronavirus infections and earlier-than-expected easing of restrictions.

Financial shares which have high weightage in the index gained 0.2% today. Commonwealth Bank of Australia rose 0.20% while Australia & New Zealand Banking Group lost 0.17% today.

Other top gainers in the index include- Perenti Global Ltd (surged 13.36%), Worley Ltd (rose 4.65%) and Bluescope Steel Ltd (advanced 4.63%).

On the data front, Australian’s Current Account for the first quarter released earlier today came in at 8.4 billion Australian dollars. The Current Account was above the market expectation of 6.3 Australian dollars.

On the technical front, the RSI is currently at 66.98% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.

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

 

Trade Suggestion-Limit Buy At 5830 Take Profit At 5900 Stop Loss At 5800

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