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ASX 200 futures are currently trading at 6712-higher by 0.63% 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 rose 1.16% to close at 6,683 on Thursday. The index ended in positive territory today after comments from the U.S. President revived optimism about trade talks between China and the U.S. The ASX 200 dropped to a month-low in the previous session.
President Trump said that discussions with China were going very well. The news reduced concerns of traders who were nervous after his remarks on Tuesday that a trade deal might have to wait until after the 2020 U.S. presidential election.
Most major component sub-indices on the S&P 200 rose today.
Financial shares which have high weightage in the index gained 1.4%. It was its best day since 16th October supported by the big four banks.
Stocks of ANZ Banking Group Limited which were on a trading halt for most of the day rose 2.11%.
Mining shares which were among the worst affected by the Sino-U.S. trade tensions gained around 1% today. Index heavyweights Rio Tinto Ltd and BHP Group rose 0.8% and 1.6% respectively.
Stocks of Woodside Petroleum added around 2%, its best day since 24th October. The energy sub-index advanced 1.6% on Thursday.
Stocks of Caltex Australia which recently avoided a $34.50 a share takeover bid from a Canadian company ended up by 0.23%.
On the economic front, Retail Sales (MoM) for October released earlier today came in at 0.0%. Sales change was below the market expectation of 0.3%.
In addition, the Australian Trade Balance for October also out today came in at 4.502B. The trade balance was below the consensus estimates of 6.100B.
On the technical front, the RSI is currently at 47.27% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands but 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 6706 Take Profit At 6740 Stop Loss At 6689