Australia: S&P/ASX 200 (.AXJO) Financials Lift

Australia: S&P/ASX 200 (.AXJO) Financials Lift

Australia: S&P/ASX 200 (.AXJO) Financials Lift

Australia stocks were higher after the close on Tuesday, as gains in the IT, Telecoms Services and Financials sectors led shares higher.

At the close in Sydney, the S&P/ASX 200 gained 1.00%.

The best performers of the session on the S&P/ASX 200 were Afterpay Touch Group Ltd (AX:APT), which rose 8.63% or 1.030 points to trade at 12.970 at the close. Meanwhile, Seven West Media Ltd (AX:SWM) added 7.41% or 0.050 points to end at 0.725 and Technology One Ltd (AX:TNE) was up 6.77% or 0.380 points to 5.990 in late trade.

The worst performers of the session were Syrah Resources Ltd (AX:SYR), which fell 5.62% or 0.095 points to trade at 1.595 at the close. Resolute Mining Ltd (AX:RSG) declined 3.13% or 0.030 points to end at 0.930 and Bluescope Steel Ltd (AX:BSL) was down 2.86% or 0.340 points to 11.530.

Overall, the bias in prices is: Downwards.

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

By the way, prices are vulnerable to a correction towards 5,901.04.

The projected upper bound is: 5,874.66.

The projected lower bound is: 5,564.62.

The projected closing price is: 5,719.64.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 83.1303. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 42.89. 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 buy 20 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 -40. This is not a topping or bottoming area. The last signal was a buy 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 sell 7 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 56.700 at 5,728.300. Volume was 6% above average (neutral) and Bollinger Bands were 43% wider than normal.

Open High Low Close Volume___
5,671.6005,728.3005,670.7005,728.300 638,216,256

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

Moving Averages: 10-period 50-period 200-period
Close: 5,701.51 5,920.08 6,045.33
Volatility: 15 17 12
Volume: 614,040,448 616,550,848 582,314,368

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 5.2% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 58 periods.

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