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ASX 200 RISES ABOVE MA5 AHEAD OF US STIMULUS VOTE - Capital Street FX

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    • ASX 200 RISES ABOVE MA5 AHEAD OF US STIMULUS VOTE
26-Mar
21:27 IST

ASX 200 futures are currently trading at 5317-higher by 3.51% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the ASX 200 rose 2.30% today to close at 5,113.30. The index gained 5.54% on Wednesday.

The ASX 200 closed higher today, with healthcare and technology shares driving gains, as market players await the passage of a sweeping stimulus package in the US.

US Senate leaders hoped to vote later on an emergency package worth $2 trillion that still faces criticism.

The Australian Healthcare shares rose today with index components Ramsay Health Care and CSL Ltd rising 15.34% and 6.20% respectively.

Flight Centre Travel Group announced a third of its 20,000 workers face redundancy. Premier Investments (rose 1.46%) closed its retail stores in Australia.

The Australian government earlier in March pledged to inject $11.4 billion into the economy.

The Australian energy sector rose today supported by gains in oil prices. Index heavyweight Santos Ltd and Woodside Petroleum added 3.27% and 3.87% respectively on Thursday.

Financial shares which have high weightage in the index mostly closed lower on Thursday. Commonwealth Bank of Australia lost 0.96% while ANZ Banking Group Limited advanced 0.78%.

Mining shares which were among the worst affected by the Sino-U.S. trade tensions closed mixed today. Index heavyweights Rio Tinto Ltd rose 5.14% while BHP Group fell 2.01%.

On the technical front, the RSI is currently at 45.19% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed %D from below to the upside at around 5% and suggests that the market can move in the upward direction.

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

 

Trade Suggestion-Limit Buy At 5310 Take Profit At 5380 Stop Loss At 5275

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