Australia: S&P/ASX 200 (.AXJO) back in black
The Australian share market had another volatile day of trade, temporarily starting in the black and continuing to fall throughout the session, until after 3.30pm, when the local bourse galloped back to the black.
It comes as the mining sector started to strengthen, as concerns began to ease after a Brazilian court ruled Vale SA to restart a iron ore mine that was closed after a dam burst in late January, killing 300 people. The court ruling saw the iron ore price fall over 3 per cent overnight, but the commodity price has seen a massive rally, with iron ore (62% CFR China) price rising 10 per cent in January and 8 per cent in February.
At the closing bell the S&P/ASX 200 index closed 0.03 per cent higher or 2 points higher at 6,167 points.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,263.38.
The projected lower bound is: 6,086.58.
The projected closing price is: 6,174.98.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 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 50.2450. This is not an overbought or oversold reading. The last signal was a buy 5 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 55.66. 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 -106.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 9 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 1.900 at 6,167.200. Volume was 37% above average (neutral) and Bollinger Bands were 62% 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: 6,178.26 6,042.54 6,022.30
Volatility: 6 9 14
Volume: 691,338,176 645,235,712 609,149,248
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 2.4% 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 moderate flows of volume into .AXJO (mildly bullish). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 0 periods.
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