Australia: S&P/ASX 200 (.AXJO) leading sector real estate, up 0.7 per cent against the falling market

Australia: S&P/ASX 200 (.AXJO) leading sector real estate, up 0.7 per cent against the falling market

Australia: S&P/ASX 200 (.AXJO) leading sector real estate, up 0.7 per cent against the falling market

The S&P/ASX200 has closed just slightly lower at 6186.9, an intra-day drop of 7.6 points.

The leading sector was real estate, up 0.7 per cent against the falling market, and energy, up 0.6 per cent.

The real estate index is outperforming the flat market today. Within that index Abacus Property Group is up 1.9 per cent to $3.46 and Stockland is up 1.8 per cent to $4.18. Dexus is up 1 per cent to $10.60 and the heaviest stock in that index, Scentre Group (which manages Westfield centres) is up 1 per cent to $4.08.

And listed retirement home provider, Aveo, is up 1 per cent to $2.08. It is starting an on-market buy back today and snapping up 58 million stapled securities, or up to 10 per cent of shares on issue. This follows on from Aveo spending $1.3 million buying 500,000 shares in late August.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 6,278.89.

The projected lower bound is: 6,092.73.

The projected closing price is: 6,185.81.

Candlesticks

A black body occurred (because prices closed lower 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.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 66.5818. This is not an overbought or oversold reading. The last signal was a buy 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 45.82. 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 65 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 38. This is not a topping or bottoming area. The last signal was a buy 8 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 down -7.700 at 6,186.900. Volume was 12% below average (neutral) and Bollinger Bands were 54% wider than normal.

Open High Low Close Volume___
6,194.6006,195.2006,167.7006,186.900 508,780,480

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

Moving Averages: 10-period 50-period 200-period
Close: 6,173.71 6,250.29 6,074.06
Volatility: 9 9 11
Volume: 638,213,696 585,818,880 566,002,880

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 1.9% above its 200-period moving average and is in an downward 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 bearish on .AXJO and have had this outlook for the last 12 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH