Australia: S&P/ASX 200 (.AXJO) investors await an indication as to when the Reserve Bank of Australia will next cut rates
Australian shares ended a quiet day of trading higher on Wednesday as investors await an indication as to when the Reserve Bank of Australia will next cut rates.
The S&P/ASX 200 Index firmed 32.3 points, or 0.5 per cent, to 6673.3 while the broader All Ordinaries added 28.2 points, or 0.4 per cent to end the session at 6764.
“The local market news was largely quiet given the lack of top-tier data coming out. The Australian employment figures on Thursday will be closely watched,” said NAB market strategist Tapas Strickland.
“The only developments of note domestically is a few banks revising up their house price outlooks while NAB’s Cashless Retail Indicator suggests a bounce in retail in June.”
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,799.99.
The projected lower bound is: 6,561.71.
The projected closing price is: 6,680.85.
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 29 white candles and 21 black candles for a net of 8 white 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 22.3822. This is not an overbought or oversold reading. The last signal was a sell 7 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 56.30. 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 7 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 -51. This is not a topping or bottoming area. The last signal was a sell 7 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 7 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 32.300 at 6,673.300. Volume was 16% below average (neutral) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,687.69 6,524.30 6,101.90
Volatility: 10 12 14
Volume: 552,849,472 639,144,064 622,647,616
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 9.4% above its 200-period moving average and is in an upward trend. Volatility is low 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 26 periods.
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