Australia: S&P/ASX 200 (.AXJO) are poised to open modestly lower
Australian shares are poised to open modestly lower, even as base metals rallied, perhaps reflecting a slowing rally on Wall Street.
ASX futures were down 7 points at 4.20am AEST. The Australian dollar edged 0.2 per cent lower.
The overnight weakness seems to reflect an easing of the pace of the rally in New York as investors rethink their positions in the wake of fresh record highs for the S&P 500 and the Nasdaq.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,402.68.
The projected lower bound is: 6,214.82.
The projected closing price is: 6,308.75.
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 25 white candles and 25 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is 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 37.5504. This is not an overbought or oversold reading. The last signal was a buy 0 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 55.45. 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 46 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 21. 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 4 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 35.800 at 6,304.700. Volume was 25% above average (neutral) and Bollinger Bands were 37% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,295.72 6,254.29 6,051.69
Volatility: 8 10 11
Volume: 659,839,104 556,088,640 558,401,472
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.
S&P/ASX 200 is currently 4.2% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 2 periods.
Latest posts by HEFFX Australia (see all)
- Advanced Micro Devices (NASDAQ:AMD) Part of 2020’s Tech Renaissance - May 27, 2020
- NVIDIA Corporation (NASDAQ:NVDA) Price Target $410 - May 27, 2020
- Tesla, Inc. (NASDAQ:TSLA) Cuts Prices Again - May 27, 2020