Australia: S&P/ASX 200 (.AXJO) Bank Stocks Fall

Australia: S&P/ASX 200 (.AXJO) Bank Stocks Fall

Australia: S&P/ASX 200 (.AXJO) Bank Stocks Fall

Australian shares closed the session modestly lower on Thursday as some minor losses by the major banks weighed the market.

The S&P/ASX 200 index closed the day 11.1 points, or 0.2 per cent lower, at 6181.2 with the market making muted gains and losses.

The major banks led the losses on Thursday although their losses were only modest. Investors are trading defensively ahead of the interim report from the royal commission set to be released in the coming days. Westpac was the worst performing of the major four, falling 0.7 per cent to $27.61. ANZ closed 0.6 per cent lower at $27.79, NAB fell 0.4 per cent to $27.33 and Commonwealth Bank closed at $70.08, down 0.1 per cent.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 6,165.21.

The projected upper bound is: 6,269.33.

The projected lower bound is: 6,089.81.

The projected closing price is: 6,179.57.


A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

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 48.6290. This is not an overbought or oversold reading. The last signal was a buy 12 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 45.06. 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 68 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 70. This is not a topping or bottoming area. The last signal was a sell 0 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 4 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed down -11.100 at 6,181.200. Volume was 1% below average (neutral) and Bollinger Bands were 11% wider than normal.

Open High Low Close Volume___
6,192.3006,197.1006,179.8006,181.200 575,588,800

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

Moving Averages: 10-period 50-period 200-period
Close: 6,181.22 6,247.25 6,077.01
Volatility: 6 9 11
Volume: 645,052,224 589,966,336 567,172,416

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 1.7% above its 200-period moving average and is in an downward trend. Volatility is low 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 15 periods.

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