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ASX 200 RISES ABOVE MA5 AS MIDDLE EAST TENSIONS FADE - Capital Street FX

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    • ASX 200 RISES ABOVE MA5 AS MIDDLE EAST TENSIONS FADE
09-Jan
18:52 IST

ASX 200 futures are currently trading at 6817-higher by 0.19% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the ASX 200 added 0.83% to close at 6,874.20 on Thursday. The index rose today as market players’ risk appetite increased after Iran and the U.S. looked to back down on their military conflict.

The U.S. president said on Wednesday that Washington did not have to respond militarily to Tehran’s attack.

Iranian officials said that Tehran did not want a war and its strikes concluded its response to the killing of its top military commander.

Middle East tensions escalated last week after a U.S. drone strike killed a senior Iranian military official.

Healthcare shares that have high exposure to U.S. markets, closed at a record high today.

Index component CSL Ltd rose 1.84% and local shares of medical equipment company Resmed Inc. climbed 1.51%.

Stocks of mining giant BHP Group rose for the sixth consecutive session. Stocks of Rio Tinto also added 1.32% today.

The heavyweight financial index gained 0.5% on Thursday. Gains in the index were also supported by top lender Commonwealth Bank of Australia which rose 0.73%.

Index component Suncorp Group disclosed today that it has received since September 2,600 bushfire-related claims worth up to $237.05 million. Stocks of insurer rose 1.31% today.

Gold stocks dropped today as easing Middle East tensions reduced demand for the yellow metal. Stocks of Northern Star Resources and Newcrest Mining dropped 3.20% and 2.53% respectively on Thursday.

Energy shares snapped a five-session winning streak after oil prices fell about 4% on Wednesday. Energy sector heavyweight Santos limited lost 0.22% today.

On the economic front, Trade Balance for November released earlier today came in at A$5.800B. Trade balance was above the market expectation of A$4.150B.

On the technical front, the RSI is currently at 57.87% 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 targets.

 

Trade Suggestion- Limit Buy At 6807 Take Profit At 6857 Stop Loss At 6782

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