Royal commission and offshore interest rates holding Aus market at bay

By Tim Michaelides | Recorded 4:00pm, 18 April 2018

Our market managed to hold most of the gains today, closing at 5861 up 19 points from yesterday (0.34%). The XJO is struggling to break the 200-day moving average at 5870, We are being squeezed inside a pennant between the short term uptrend forming and the 200 day MA. 

Materials and Energy stocks continue to gain, but Financial stocks are holding the Australian market at bay. The Royal Commission and woes around interest rates offshore are holding the sector as a whole back despite reporting and dividends coming up on the banks in early May.

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