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ASX 200 RISES ON MINING STOCKS GAIN AND PMI -

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    • ASX 200 RISES ON MINING STOCKS GAIN AND PMI
23-Jun
22:34 IST

ASX 200 futures are currently trading at 5956-higher by 0.25% as compared to the previous closing. The contract closed in the negative territory in the last trading session.

In the Cash Markets, the ASX 200 added 0.17% today to close at 5,954.40. The index closed in positive territory for the third consecutive day.

The ASX 200 rose today as gains in mining stocks offset losses in financials. Traders, however, remained on the sidelines due to hopes of further stimulus from the US central bank and worries about a fresh wave of COVID-19.

The ASX 200 fell 1% earlier in the session when fears about the US-China trade deal being in jeopardy triggered a sell-off across global markets.

The ASX 300 metals and mining index inched up 0.7% after copper prices advanced today. Stocks of Rio Tinto and BHP Group surged 1.40% and 0.79% on Tuesday.

Financial shares which have high weightage in the index dropped 0.3% today. Commonwealth Bank of Australia lost 0.59% while Australia & New Zealand Banking Group edged up 0.05% today.

Top gainers in the index include- Western Areas Ltd (surged 16.02%), Cromwell Property Group (rose 8.05%) and AMP Limited (advanced 7.93%).

On the economic front, the Preliminary estimate of Australian Manufacturing PMI for June released earlier today came in at 49.8. The PMI reading was above the consensus estimates of 49.3.

In addition, the Preliminary estimate of Australian Services PMI for June also released earlier today came in at 53.2. The PMI reading was above the consensus estimates of 27.7.

On the technical front, the RSI is currently at 57.26% 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 target.

 

Trade Suggestion-Limit Buy At 5950 Take Profit At 6020 Stop Loss At 5920

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