Market wraps 2nd June 2021

Morning Bell - Jessica Amir

The Aussie share market is set to open higher, with the futures suggesting the market will rise 0.2%.

What to watch today:

  • The 15 day moving average has just nudged above the 30 day moving average. This indicates a technical uptrend is forming. But, as the moving averages lines are virtually on top of each other, the market could go either way from here.
  • In economic news, GDP data will be released today.
  • The RBA forecasts GDP for the full year to be 4.75%. Banks expect unemployment to fall to 5% this year. Bond yields will likely rise.
  • Iron ore price rose 4.1%, heading back to its all time high. Watch Mineral Resources (ASX:MIN).
  • Most traded stocks by Bell Direct clients yesterday: Fortescue Metals (ASX:FMG) & Magnetite Mines (ASX:MGT).

Trading Ideas:

  • GenusPlus Group (ASX:GNP) had its price target upgraded by Bell Potter, with a new $1.25 target, following yesterday’s 6% jump.
  • BUBs Australia (ASX:BUB), Ava Risk Group (ASX:AVA) Atomos (ASX:AMS) are all giving off bullish charting signals according to Trading Central.