Magellan Financial Group (ASX:MFG) Overbought Buy on Dips
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 22.78.
The projected upper bound is: 25.10.
The projected lower bound is: 22.87.
The projected closing price is: 23.98.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 21 white candles and 28 black candles for a net of 7 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 52.7778. This is not an overbought or oversold reading. The last signal was a sell 6 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 62.57. 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 sell 99 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 87. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.
Rex Takasugi – TD Profile
MAG FINC FPO closed up 0.170 at 23.940. Volume was 3% below average (neutral) and Bollinger Bands were 8% wider than normal.
Open High Low Close Volume___
24.020 24.100 23.855 23.940 380,853
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 23.80 22.50 22.66
Volatility: 12 32 34
Volume: 302,771 379,683 450,816
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.
MAG FINC FPO is currently 5.6% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of MFG.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on MFG.AX and have had this outlook for the last 33 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
Latest posts by HEFFX Australia (see all)
- USD/EUR (EUR=X) Heffx Technical Outlook - April 24, 2018
- USD/KRW (KRW=X) Technicals Suggest an Upward Trend - April 24, 2018
- USD/JPY (JPY=X) Heffx Technical Outlook - April 24, 2018