South32 Ltd (ASX:S32) Bulls in Favor

South32 Ltd (ASX:S32) Bulls in Favor

South32 Ltd (ASX:S32) Bulls in Favor

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.

The projected upper bound is: 2.74.

The projected lower bound is: 2.44.

The projected closing price is: 2.59.

South32 Ltd

Candlesticks

A white body occurred (because prices closed higher than they opened).
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 28 white candles and 13 black candles for a net of 15 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 79.2079. This is not an overbought or oversold reading. The last signal was a sell 17 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 64.85. 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 9 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 191.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 6 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 9 period(s) ago.

Rex Takasugi – TD Profile

SOUTH32 FPO closed down -0.010 at 2.580. Volume was 4% below average (neutral) and Bollinger Bands were 33% narrower than normal.

Open High Low Close Volume___
2.570 2.635 2.510 2.580 18,647,408

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

Moving Averages: 10-period 50-period 200-period
Close: 2.49 2.25 1.68
Volatility: 54 42 58
Volume: 22,029,272 17,918,178 21,688,362

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
SOUTH32 FPO is currently 53.4% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of S32.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on S32.AX and have had this outlook for the last 31 periods.

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