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ASX 200 futures are currently trading at 5443-higher by 2.26% 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 1.51% today to close at 5,393.40. The index advanced today after virus-related restrictions slowly eased around the world and also better-than-expected CPI data lifted market sentiment.
Australia’s CPI (YoY) for the first quarter released earlier today came in at 2.2%. It was its highest level in five and a half years. The CPI was above the market expectation of 2.0%.
Better-than-expected CPI data helped soothe some investors’ worries about the underlying economic health of the country.
The ASX 200 is now down about 25% from its record high. The index has advanced 3.30% so far this week.
Top gainers in the index include- Crown Resorts Ltd (surged 10.93%), Corporate Travel Management Ltd (rose 10.50%), and Virgin Money UK Plc. (advanced 10.21%).
Top losers in the index include- Avita Medical Ltd (fell 5.43%), Fisher & Paykel Healthcare Corporation Ltd (declined 4.45%), and Coles Group Ltd (dropped 4.44%) on Wednesday.
Financial shares which have high weightage in the index mostly closed higher on Wednesday. Commonwealth Bank of Australia and National Australia Bank rose 4.20% and 6.33% respectively today.
The ASX 300 metals and mining index gained 0.91% as China iron ore futures rose today. Index components Fortescue Metals Group and BHP Group advanced 2.5% and 1.9% respectively on Wednesday.
The energy sub-index rose 5.2% as crude prices advanced today. Oil Search and Woodside Petroleum rose 6.98% and 5.95% respectively on Wednesday.
On the technical front, the RSI is currently at 55.78% 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 37% 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 target.
Trade Suggestion-Limit Buy At 5430 Take Profit At 5500 Stop Loss At 5400