Australia: S&P/ASX 200 (.AXJO) Hits New 10 Year Highs
Australian stocks continued their march higher, hitting 10-year highs at the start of a new trading week.
The ASX200 briefly broke through the key 6301 point level. At the close, the index was at 6,286.00, up 13.70 points or 0.22%.
The market has gained almost 1.5% in little more than a week since the start of the new financial year.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 6,091.28.
The projected upper bound is: 6,377.56.
The projected lower bound is: 6,207.73.
The projected closing price is: 6,292.65.
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 26 white candles and 24 black candles for a net of 2 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 88.1152. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 69.85. 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 10 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 228.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 9 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 1 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 13.700 at 6,286.000. Volume was 30% below average (neutral) and Bollinger Bands were 18% 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: 6,214.87 6,100.31 5,971.31
Volatility: 8 9 10
Volume: 536,800,256 577,975,680 550,361,920
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 5.3% 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 12 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.