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ASX 200 futures are currently trading at 5603-higher by 1.91% 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 added 0.24% today to close at 5,573.00.
The index inched up today on plans to accelerate the resumption of public life and further opening up of its economy. Trade tensions with China and weaker-than-expected retail data limited the index’s gains.
The index had dropped 1% during the trading session as China banned Australia’s barley imports and as US market plunged overnight on doubt about a potential COVID-19 vaccine.
New South Wales will allow people to resume travel for pleasure from June. The government is talking with domestic universities about allowing the return of some foreign students.
The Australian Health minister said that only eleven new coronavirus cases have been reported in the country over the past 24 hours.
The Australian Bureau of Statistics reported earlier today that its preliminary estimate of retail sales dropped a seasonally adjusted 17.9% in the last month, its biggest ever.
The sub-index for industrial shares touched its highest level for the current month.
Index components Sydney Airport Holdings and Transurban Group rose 1.07% and 2.03% respectively.
Financial shares which have high weightage in the index closed slightly higher on Wednesday. Commonwealth Bank of Australia and National Australia Bank added 0.70% and 0.71% respectively today.
The energy sub-index declined by 0.9% today. Woodside Petroleum lost 0.4% on Wednesday.
On the data front, Westpac Leading Index (MoM) for April released earlier today came in at -1.5%. The index was better-than-the consensus estimates of a fall of 2.5%
On the technical front, the RSI is currently at 62.97% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band 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 5590 Take Profit At 5660 Stop Loss At 5560