Australia: S&P/ASX 200 (.AXJO) flat as financial, mining sectors slip
The Australian sharemarket has closed flat for a second straight day, as banks and the mining sector weighed on gains by CSL and the energy sector.
The benchmark S&P-ASX 200 index finished on Wednesday up 4.1 points to 6851.4, while the broader all ordinaries was up 6.5 points to 6957 points.
“Given the substantial moves we’ve seen over the last week, it’s not surprising we’re pausing to reflect today,” said Australian Stock Report senior advisor Ben Le Brun.
Utilities had the biggest gains, up 1.0 per cent, as APA Group climbed 1.9 per cent and Meridian Energy climbed 1.5 per cent.
Health care rose 0.8 per cent, as CSL hit another all-time high of $287.90 before closing at $287, up 0.8 per cent on the day and 55 per cent on the year.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 7,004.10.
The projected lower bound is: 6,710.89.
The projected closing price is: 6,857.49.
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 33 white candles and 17 black candles for a net of 16 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 88.0618. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 8 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 58.71. 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 117 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 93. This is not a topping or bottoming area. The last signal was a buy 8 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 2 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 4.100 at 6,851.400. Volume was 3% above average (neutral) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,757.64 6,724.58 6,547.83
Volatility: 12 14 13
Volume: 587,692,416 597,772,288 629,196,928
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 4.6% above its 200-period moving average and is in an upward trend. Volatility is high 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 bullish on .AXJO and have had this outlook for the last 1 periods.
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