Australia: S&P/ASX 200 (.AXJO) finishes higher Tuesday

Australia: S&P/ASX 200 (.AXJO) finishes higher Tuesday

Australia: S&P/ASX 200 (.AXJO) finishes higher Tuesday

Australia’s S&P/ASX 200 and ALL ORDINARIES indices finished higher on Tuesday.

Here’s a short recap of the Australian market:

S&P/ASX 200 higher 0.52% to 6,210.20
ALL ORDINARIES higher 0.47% to 6,302.80
AUD/USD at US 74 cents
Gold at US$1,242.57 an ounce
Brent Oil at US$77.90 a barrel
The best-performing ASX 200 share today was Beach Energy Ltd, it went up by 5.7%.

Australian Pharmaceutical Industries Ltd dropped by 6% as worries surrounding the pharmacy industry continue, particularly with Amazon entering the pharmacy scene in the US.

The National Veterinary Care Ltd share price rose 2.7% after the vet company announced it had increased its debt facilities.

InvoCare Limited shares went up went up 1.3% after announcing an Albury acquisition.

The Domain Holdings Australia Limited share price finished the day down 0.63%, after initially being up, with the company announcing a new CEO.

The share price of Telstra Corporation Ltd finished the day up 2.3% after more news of its venture business merger with PE player HarbourVest Partners.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 6,077.77.

The projected upper bound is: 6,300.04.

The projected lower bound is: 6,134.01.

The projected closing price is: 6,217.03.

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 38.3264. This is not an overbought or oversold reading. The last signal was a sell 5 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 64.26. 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 6 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 46. This is not a topping or bottoming area. The last signal was a sell 5 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 12 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 32.400 at 6,210.200. Volume was 12% below average (neutral) and Bollinger Bands were 25% wider than normal.

Open High Low Close Volume___
6,177.8006,218.3006,177.8006,210.200 509,611,936

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

Moving Averages: 10-period 50-period 200-period
Close: 6,203.18 6,074.61 5,960.72
Volatility: 10 9 10
Volume: 605,205,568 589,366,848 552,189,824

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 4.2% 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 moderate flows of volume into .AXJO (mildly bullish). Our trend forecasting oscillators are currently bullish on .AXJO and have had this outlook for the last 8 periods.

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