In an unusual one day move the Australia 200 index has traded straight up and through the 6,000 resistance level. This is a significant break out, and if the index holds above the level the next major up side target is at the ten year high around 6,375. Failure below 6,000 could see significant falls.
The move is fueled by gains in the finance sector after the release of the Royal Commission Inquiry report. ANZ, CBA, NAB ans WBC are up 4% - 8%. Resources are alos finding support after a lift in aluminium, oil, iron ore and nickel.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.