Australia: S&P/ASX 200 (.AXJO) failing to push on past its previous significant high

Australia: S&P/ASX 200 (.AXJO) failing to push on past its previous significant high

Australia: S&P/ASX 200 (.AXJO) failing to push on past its previous significant high

ASX bulls will probably still have cause to hope as long as the current broad range holds up through earnings season.

However, a break through it will put focus on deeper falls, perhaps toward the 6064.7 mark. That is still only be the first, 23.6% Fibonacci retracement of 2019’s rise though. Things might get more serious below that level with obvious support rather lacking ahead of the second retracement at 5922.5. A probe of that region would obviously entail the surrender of the psychologically crucial 6000 point. That would be serious for the bulls, but it doesn’t appear imminent and, assuming no gross earnings-season shocks, more upside looks entirely possible for the ASX.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,371.89.

The projected lower bound is: 6,193.77.

The projected closing price is: 6,282.83.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 94.5127. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 7 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 62.06. 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 27 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 115.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 0 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 26.000 at 6,277.400. Volume was 16% below average (neutral) and Bollinger Bands were 34% narrower than normal.

Open High Low Close Volume___
6,251.4006,282.8006,237.6006,277.400 523,592,608

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

Moving Averages: 10-period 50-period 200-period
Close: 6,234.46 6,168.06 6,027.77
Volatility: 11 9 14
Volume: 525,263,648 651,140,480 606,472,704

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 4.1% above its 200-period moving average and is in an upward trend. Volatility is 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 1 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :