Australia: S&P/ASX 200 (.AXJO) higher on the back of healthcare
A surprising turnaround has seen the Australian market finish the day higher on the back of healthcare and telco stocks as the financial sector shrugged off leftover jitters from Wall Street.
The benchmark S&P/ASX200 index was up 8.7 points, or 0.14 per cent, to 6,049.8 at 1630 AEDT, while the broader All Ordinaries rose 8.3 points, or 0.13 per cent, to 6,163.8, after the local market settled in the afternoon following an erratic open.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 6,155.17.
The projected upper bound is: 6,140.93.
The projected lower bound is: 5,949.63.
The projected closing price is: 6,045.28.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
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 7.8457. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 4 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 34.04. 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 77 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 -195.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 4 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 sell 2 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 8.700 at 6,049.800. Volume was 4% above average (neutral) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6,138.64 6,223.23 6,081.24
Volatility: 12 10 11
Volume: 533,351,232 589,542,144 561,197,504
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 0.5% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 24 periods.
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