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ASX 200 RISES ON HEALTHCARE, TECH GAINS; EMPLOYMENT CHANGE DISSAPOINTS - Capital Street FX

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    • ASX 200 RISES ON HEALTHCARE, TECH GAINS; EMPLOYMENT CHANGE DISSAPOINTS
14-Nov
19:52 IST

ASX 200 futures are currently trading at 6747-higher by 0.64% 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 0.55% to close at 6,735.10 on Thursday. The index ended in positive territory today due to a rise in healthcare and Technology firms, but gains were limited on increasing doubts that the U.S. and China can strike a trade deal soon.

A report suggesting that Sino-U.S. trade negotiations have hit a snag over farm purchases unnerved markets on the previous day. The report also increased concerns that a phase one trade deal between the two sides could be delayed.

Australian healthcare shares outperformed today with heavyweights Cochlear Ltd and CSL Ltd gaining 1.3% and 1.03% respectively.

Technology shares rose to finish the trading day at a more than two-month high, supported by strong gains among certain major shares.

Afterpay Touch Group surged 7.49% after announcing a $137.10 million subscription by U.S. based Coatue Management LLC and a 110% jump in global underlying sales for the period ended 31st October.

Index-component Nearmap Ltd skyrocketed 14.06% following an upbeat outlook for the next year.

Mining shares also ended in positive territory supported by gains in gold miners.

Gold equities gained about 1.6% as the metal prices rose on safe-haven buying following U.S.-China trade uncertainty and disappointing Chinese industrial output data.

On the other hand, financial shares ended slightly lower today with National Australia Bank declining 3.44% as the share traded ex-dividend.

On the economic front, Employment Change for October released earlier today came in at -19.0K. The Employment change was below the market expectation of 15.0K.

On the technical front, the RSI is currently at 58.33% 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 6742 Take Profit At 6776 Stop Loss At 6725

 

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