New support level for the S&P ASX 200 Index
Today everyone in Australia is excited about Sirtex for delivering successful results on a cancer study, but the broad Aussie share market is not showing the same enthusiasm. While the biotech company’s shares are up by figures of two digits today, the overall market is down by more than 1 per cent. The S&P ASX 200 Index has failed to stay above the 5,800 points, and today it’s erased the majority of the early gains from Friday’s day session. Plus, its daily candlestick closed that day below the interim resistance level of 5,770. Saxo Capital Markets traders believe this price action indicates signs of weakness. On the other hand, the benchmark found support level at 5,745 points and this level is expected to be a key pivot level to determine whether the recent uptrend will persist. To read more visit: (VIEW LINK)
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