Australia: S&P/ASX 200 (.AXJO) gains in the IT, Materials and Metals & Mining

Australia: S&P/ASX 200 (.AXJO) gains in the IT, Materials and Metals & Mining

Australia: S&P/ASX 200 (.AXJO) gains in the IT, Materials and Metals & Mining

Australia stocks were higher after the close on Thursday, as gains in the IT, Materials and Metals & Mining sectors led shares higher.

At the close in Sydney, the S&P/ASX 200 gained 0.58%.

The best performers of the session on the S&P/ASX 200 were Afterpay Touch Group Ltd (AX:APT), which rose 8.70% or 1.110 points to trade at 13.870 at the close. Meanwhile, Altium Ltd (AX:ALU) added 8.59% or 1.820 points to end at 23.000 and Wisetech Global Ltd (AX:WTC) was up 6.50% or 1.140 points to 18.670 in late trade.

The worst performers of the session were Bingo Industries Ltd (AX:BIN), which fell 5.29% or 0.120 points to trade at 2.150 at the close. Mayne Pharma Group Ltd (AX:MYX) declined 4.33% or 0.045 points to end at 0.995 and Bellamys Australia Ltd (AX:BAL) was down 4.32% or 0.330 points to 7.310.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 673 to 514 and 340 ended unchanged.

Shares in Bingo Industries Ltd (AX:BIN) fell to 52-week lows; down 5.29% or 0.120 to 2.150.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 5,899.48.

The projected upper bound is: 5,905.35.

The projected lower bound is: 5,595.01.

The projected closing price is: 5,750.18.

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 90.6870. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 46.42. 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 22 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 25. This is not a topping or bottoming area. The last signal was a buy 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 1 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 33.300 at 5,758.400. Volume was 6% above average (neutral) and Bollinger Bands were 39% wider than normal.

Open High Low Close Volume___
5,725.1005,778.7005,725.1005,758.400 638,926,144

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

Moving Averages: 10-period 50-period 200-period
Close: 5,702.98 5,902.56 6,043.68
Volatility: 12 17 12
Volume: 609,611,968 611,808,384 582,903,232

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 4.7% below its 200-period moving average and is in an upward 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 bullish on .AXJO and have had this outlook for the last 0 periods.

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