Australia: S&P/ASX 200 (.AXJO) closed 0.4% higher

Australia: S&P/ASX 200 (.AXJO) closed 0.4% higher

Australia: S&P/ASX 200 (.AXJO) closed 0.4% higher

It has been a positive day of trade for the Australian share market closing 0.4 per cent higher. Bank of Queensland (ASX:BOQ) shares took a dip today after a $12 million guidance downgrade. Waste management company Bingo Industries (ASX:BIN) saw their shares slump hit by the apartment building slowdown.

They reduced their full-year profit forecast by up to 20 per cent. Household fittings company, GWA Group (ASX:GWA) saw their shares rise after announcing a net profit rise of 7.3 per cent for their half year results 2019. At the closing bell the S&P/ASX 200 index closed 24 points higher to finish at 6090.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 5,919.12.

The projected upper bound is: 6,237.03.

The projected lower bound is: 5,957.64.

The projected closing price is: 6,097.33.

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 22 black candles for a net of 6 white 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 55.5608. This is not an overbought or oversold reading. The last signal was a sell 3 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 70.89. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 3 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 73. This is not a topping or bottoming area. The last signal was a sell 3 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 buy 9 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 23.700 at 6,089.800. Volume was 1% below average (neutral) and Bollinger Bands were 5% wider than normal.

Open High Low Close Volume___
6,066.1006,115.7006,066.1006,089.800 607,561,088

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

Moving Averages: 10-period 50-period 200-period
Close: 6,061.48 5,786.45 6,008.54
Volatility: 13 16 14
Volume: 643,060,864 594,804,992 591,602,304

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

S&P/ASX 200 is currently 1.4% above its 200-period moving average and is in an upward 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 bullish on .AXJO and have had this outlook for the last 29 periods. Our momentum oscillator is currently indicating that .AXJO is currently in an overbought condition.

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