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28 Jul 2020

The ASX 200 Index talles-up over 60 points in gains, risk-on

  • Aussie shares on the bid and target a critical 61.8% Fin in the 6200s.
  • Bulls cheering robust risk appetite in the wake of vaccine hopes and ongoing stimulus.

The ASX 200 Index has been in the hands of the bulls on Tuesday, following in the hooves on Wall Street's bulls where indexes closed higher for the start of the week.

Mining and technology shares led early gains on the ASX which took the index up by 50.5 points, or 0.84 per cent, at 6094.7 points after the first 30 minutes of trade on Tuesday.

At the time of writing, the index is trading at 6,113 and is currently 1.14% up, adding 69 points.

It is big week on Wall Street this week with earnings coming from some of the biggest names on tech.

Overnight, shares in Apple, Amazon.com, Facebook and Alphabet saw impressive gains.

While there is plenty of uncertainty around, from tense relations between the US and China to the US government stimulus deadlock, investors are banking on a V-shaped recovery despite the spread of the coronavirus. 

Meanwhile, the Aussie dollar is performing well in the wake of US dollar supply. However, that is not necessarily a good thing for the corporate sector that rely on exports,

On the other hand, a weaker dollar has enabled the materials sector to run higher by 2.09 per cent on the back of gold miners as prices of the precious metal hit record highs.

Spot gold hit a record high of $US1,981.per ounce today in Asian markets.

 Newcrest Mining rose by 2.59 per cent to $37.25, Northern Star was up 2.42 per cent to $16.53 and Evolution rose by 2.5 per cent to $6.15.

Among other miners, BHP climbed 2.25 per cent to $38.24, Rio Tinto rose 3.89 per cent to $106.89 and Fortescue gained 2.57 per cent to $16.79.

ASX 200 Index levels

The market is bid within an ascending triangle, as bulls seek out the resistance in the 6150s. A break in the 6200s will meet the highs of the triangle ahead of resistance structure at the 27th Feb lows of 6235.

From a weekly perspective, the price is on the verge of a 61.8% Fibonacci retracement of the 2020 rout on said targets. 

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