. S&P/ASX 200 News & Price Technical Analysis - 06 October 2022

S&P/ASX 200 News & Price Technical Analysis – 06 October 2022

06 Oct 2022

Australia stocks higher at close of trade; S&P/ASX 200 up 0.03%

Australia stocks were higher after the close on Thursday, as gains in the Energy, Utilities and Resources sectors led shares higher.

At the close in Sydney, the S&P/ASX 200 added 0.03%.

The best performers of the session on the S&P/ASX 200 were Polynovo Ltd (ASX:PNV), which rose 23.21% or 0.34 points to trade at 1.80 at the close. Meanwhile, Whitehaven Coal Ltd (ASX:WHC) added 7.17% or 0.70 points to end at 10.46 and Pointsbet Holdings Ltd (ASX:PBH) was up 6.37% or 0.13 points to 2.17 in late trade.

The worst performers of the session were Appen Ltd (ASX:APX), which fell 11.71% or 0.39 points to trade at 2.94 at the close. Magellan Financial Group Ltd (ASX:MFG) declined 8.43% or 0.99 points to end at 10.75 and Zip Co Ltd (ASX:ZIP) was down 7.38% or 0.06 points to 0.69.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 680 to 587 and 364 ended unchanged.

Shares in Appen Ltd (ASX:APX) fell to 5-year lows; down 11.71% or 0.39 to 2.94. Shares in Whitehaven Coal Ltd (ASX:WHC) rose to all time highs; up 7.17% or 0.70 to 10.46. Shares in Magellan Financial Group Ltd (ASX:MFG) fell to 5-year lows; losing 8.43% or 0.99 to 10.75.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 0.08% to 18.98.

S&P 200 Technical Analysis: Daily Chart

In the daily charts, S&P 200 is trading in down channel. S&P 200 is currently trading above 20 and 100 days SMA & below 50 days SMA.

RSI is in buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 6694.00 & the resistance level is at 6869.00.

S&P 200 INDEX will trade in down channel until there is trend reversal.   

How to Trade S&P 200 INDEX this Week:

S&P 200 INDEX will follow the downtrend until their trend reversal. So, remain bullish on S&P 200 INDEX.

TRADE SUGGESTION- BUY AT 6760.00, TAKE PROFIT AT 6869.00 AND STOP LOSS AT 6694.00