South32 (ASX:S32) Possible Correction Towards 1.91
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
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 1.91.
The projected upper bound is: 2.43.
The projected lower bound is: 2.15.
The projected closing price is: 2.29.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 2 black candles for a net of 3 white candles. During the past 50 bars, there have been 26 white candles and 17 black candles for a net of 9 white candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 5 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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 83.6735. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 4 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 68.84. 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 20 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 139.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 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 buy 7 period(s) ago.
Rex Takasugi – TD Profile
SOUTH32 FPO closed up 0.040 at 2.280. Volume was 17% above average (neutral) and Bollinger Bands were 41% wider than normal.
Open High Low Close Volume___
2.260 2.310 2.250 2.280 21,665,504
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 2.15 1.98 1.52
Volatility: 51 46 61
Volume: 19,745,676 18,062,334 21,642,688
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.
SOUTH32 FPO gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
SOUTH32 FPO is currently 50.5% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect moderate flows of volume into S32.AX (mildly bullish). Our trend forecasting oscillators are currently bullish on S32.AX and have had this outlook for the last 7 periods.
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