Macquarie Group Ltd (ASX:MQG) Possible Correction Towards 83.22

Macquarie Group Ltd (ASX:MQG) Possible Correction Towards 83.22

Macquarie Group Ltd (ASX:MQG) Possible Correction Towards 83.22

Overall, the bias in prices is: Upwards.

Short term: Prices are stalling.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 83.22.

The projected upper bound is: 91.91.

The projected lower bound is: 83.86.

The projected closing price is: 87.89.

Macquarie Group Ltd

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 21 black candles for a net of 6 white candles.

Momentum Indicators
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 56.7494. This is not an overbought or oversold reading. The last signal was a sell 12 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 57.26. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 40 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 71. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.

Rex Takasugi – TD Profile

MACQUARIE GROUP closed down -1.060 at 87.740. Volume was 0% below average (neutral) and Bollinger Bands were 52% narrower than normal.

Open High Low Close Volume___
88.790 88.800 87.540 87.740 1,157,909

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 87.76 83.95 76.59
Volatility: 15 32 31
Volume: 803,830 1,231,196 1,289,459

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
MACQUARIE GROUP is currently 14.6% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into MQG.AX (mildly bullish). Our trend forecasting oscillators are currently bullish on MQG.AX and have had this outlook for the last 34 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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