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ASX 200 Market Update

11/28/2022 11:37 PM

The leading index of the Australian economy ASX 200 shows an upward trend, trading near the level of 7240.0 in anticipation of the continuation of the publication of corporate reports.

Thus, the largest Australian financial conglomerate Commonwealth Bank of Australia today will present financial results for the third quarter, from which analysts expect a significant increase in revenue in the area of 12.02 billion Australian dollars, and the diversified company Wesfarmers Ltd., according to preliminary estimates, will record revenue at the level of 6.97 billion Australian dollars, up from 7.05 billion Australian dollars a quarter earlier. Earnings per share are projected in the region of 1.0 dollar, in line with the previous quarter.

Meanwhile, the downward correction in the Australian bond market continues, with the popular 10-year Treasury trading at 3.520%, down 0.62% from Friday's close, while the conservative 20-year yield hit 3.951% and is losing 0.65% today, and the yield on global 30-year bonds is 3.917%, well below 4.40% earlier this month.

The growth leaders in the index are Whitehaven Coal Ltd. (+3.97%), Brickworks Ltd. (+3.21%), Omni Bridgeway Ltd. (+3.07%), SkyCity Entertainment Group (+2.55%).

Among the leaders of the decline are Healius Ltd. (-10.09%), Westgold Resources Ltd. (-8.48%), Ramelius Resources Ltd. (-6.49%), Bank of Queensland Ltd. (-5.56%).


On the daily chart of the asset, the price is trading within the global side channel, having reached the resistance line the day before.

Technical indicators keep a stable buy signal: fast EMAs of the Alligator indicator are kept at a sufficient distance from the signal line, and the AO oscillator histogram forms upward bars, while being in the buying zone.

Support levels: 7170.0, 7000.0. | Resistance levels: 7280.0, 7440.0.

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