Australia: S&P/ASX 200 (.AXJO) closes slightly higher as commodity prices rise
The Australian sharemarket recorded its best performance in eight sessions as investors looked beyond the political uncertainty that plagued the market last week.
The S&P/ASX 200 index closed 21.6 points, or 0.4 per cent higher at 6268.9 on Monday, rallying on the performances of the major mining stocks.
That rise in commodity prices also helped some of the smaller miners on Monday. Mineral Resources’ shares rose 5.4 per cent to $16.28, Resolute Mining closed 6.7 per cent higher at $1.44 and Pilbara Minerals closed at 85¢, up 4.3 per cent.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,365.17.
The projected lower bound is: 6,179.23.
The projected closing price is: 6,272.20.
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 24 white candles and 26 black candles for a net of 2 black candles.
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 14.0571. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 50.04. 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 45 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 -84. This is not a topping or bottoming area. The last signal was a sell 4 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 3 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 21.600 at 6,268.900. Volume was 0% above average (neutral) and Bollinger Bands were 38% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,295.21 6,250.24 6,050.42
Volatility: 9 9 11
Volume: 645,950,400 552,892,928 557,774,016
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 3.6% 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 1 periods.
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