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ASX 200 futures are currently trading at 6,678.5-lower by0.29 % 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 0.15% to close at 6697,10 on Tuesday, supported by gains in the Financial, Energy and Healthcare sectors.
The progress made on U.S-China phase one trade deal and the Reserve bank of Australia’s decision to hold current interest rate supported the market today.
Magellan Financial Group Ltd., Janus Henderson Group and Pendal group were the best performers on the benchmark index today. Each added more than 3% on Tuesday.
Pilbara Minerals was the worst performer of the day and fell 7.89%.
West pact shares today dropped 2.55% after the bank on the previous day warrened of weak trading conditions. It also reported a drop in annual profit.
On the news front, the RBA has declared its interest rate decision today. The Australian central bank has decided to keep the interest rate at its record low of 0.75%. The interest rate decision was in line with market expectations.
The government officials said that keeping the monetary policy unchanged will provide consistency at this time of global economic uncertainty which reassure domestic and global market that Australia remains a stable place to invest.
On the data front, Australian trade balance for the September month is scheduled to be released on Wednesday. The reading is expected to fall to 5.0B from 5.926B in the previous month.
Data released on Monday showed a further decrease in retail sales for the September month which indicates policy measures taken by the government had no impact over retail sales.
On the technical front, the market is trading above 13 and 26-day EMA. 26-day EMA acting as strong support. The MACD histogram indicates a decrease in bearish momentum. On the daily chat, formation of rejection candlestick pattern suggests the market will move on the positive side.
Overall bias is Positive and short-term trades can be initiated with below-mentioned stop loss and profit target.
Trade suggestion- buy@ 6675, stoploss@ 6670, target@ 6694