Australia: S&P/ASX 200 (.AXJO) closes higher as banks, miners fall

Australia: S&P/ASX 200 (.AXJO) closes higher as banks, miners fall

Australia: S&P/ASX 200 (.AXJO) closes higher as banks, miners fall

The S&P/ASX 200 index rose 10.1 points, or 0.2 per cent, to 6104.1 as stocks on the benchmark index traded cautiously.

US-China trade tensions were supportive for the US dollar which rose over the weekend to a year-long high. The strengthening greenback was good news for US focussed stocks like CSL, who was among the market leaders on Monday, its shares rising 1.1 per cent to $186.59.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,186.90.

The projected lower bound is: 6,033.91.

The projected closing price is: 6,110.41.

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 29 white candles and 21 black candles for a net of 8 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 73.0243. This is not an overbought or oversold reading. The last signal was a buy 14 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 61.24. 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 23 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 187.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 1 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 10.100 at 6,104.100. Volume was 13% below average (neutral) and Bollinger Bands were 52% narrower than normal.

Open High Low Close Volume___
6,094.0006,114.9006,085.2006,104.100 506,196,800

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

Moving Averages: 10-period 50-period 200-period
Close: 6,044.06 5,996.36 5,934.26
Volatility: 10 8 10
Volume: 600,657,792 562,479,744 548,783,872

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 2.9% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 12 periods.

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