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ASX 200 Market Update

12/12/2022 1:46 PM

The leading index of the Australian economy, ASX 200, is falling, trading at 7180.0 amid investors' expectations regarding the possible adoption of a legislative initiative that limits the cost of energy resources within the country.

On Thursday, December 15, the National Parliament will meet in an extraordinary session to consider a project for the sale of 25.5 cubic meters of gas at a ceiling price of 12.0 Australian dollars and 1.0 tons of coal, no more than 125.0 Australian dollars. It is expected that these measures for one year will apply only to transactions within the country, which will reduce the cost of electricity for the population by 56.0% but will significantly limit the profits of companies supplying these resources, the fall in shares of which can already be observed today.

The downward correction continues on the bond market, and 10-year papers are traded at a rate of 3.388%, slightly increasing by 0.47% from the close of trading on Friday. The 20-year yield fell to 3.739% and is up 0.48% today, while the global 30-year yield is 3.708% from 3.62% on Friday.

Among the leaders in the growth of the index, components are Megaport Ltd. (+4.49%), Woodside Energy Group Ltd. (+2.69%), EML Payments Ltd. (+4.72%), and Macquarie Group Ltd. (+2.06%).

Among the decline leaders are Nanosonics (–9.99%), Origin Energy (–7.82%), Silver Lake Resources Ltd. (–7.52%), and Ramelius Resources Ltd. (–4.59%).

On the daily chart of the asset, the trading instrument returned to the global corridor, breaking the resistance line.

Technical indicators reverse downwards: fast EMAs of the Alligator indicator are approaching the signal line and have almost crossed, and the AO oscillator histogram forms downward bars in the buying zone.

Resistance levels: 7240.0, 7400.0. | Support levels: 7100.0, 6900.0.

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