Australia: S&P/ASX 200 (.AXJO) lower and “has just been steadily eating away at the losses”
The Australian share market has finished marginally higher as gains by oil companies and goldminers outweighed declines elsewhere in the wake of a drone attack on two Saudi Arabian oil facilities.
The benchmark S&P/ASX200 index closed on Monday up 4.3 points, or 0.06 per cent, to 6,673.5 points, while the broader All Ordinaries finished up 4.9 points, or 0.07 per cent, to 6,782 points.
The market opened lower and “has just been steadily eating away at the losses,” observed CommSec market analyst Steven Daghlian, ending slightly up for its fourth straight day of gains.
The energy sector surged by 4.0 per cent following the drone attack, as the price of Brent crude jumped $US6 to about $US66 a gallon.
Oil Search gained 6.5 per cent to $7.73, Beach Energy was up 6.0 per cent, Santo gained 4.9 per cent to $7.75 and Woodside Petroleum gained 4.3 per cent to $32.70.
Mining giant BHP – also a major petroleum producer – gained 3.2 per cent to $38.30.
Goldminers also surged as the price of the precious metal rose $US16 to around $US1505 an ounce, with Evolution, Northern Star and Newcrest up between 3.3 and 6.0 per cent.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,833.39.
The projected lower bound is: 6,513.66.
The projected closing price is: 6,673.53.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 76.2129. This is not an overbought or oversold reading. The last signal was a sell 2 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 58.77. 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 50 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 97. This is not a topping or bottoming area. The last signal was a sell 0 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 13 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 4.300 at 6,673.500. Volume was 14% above average (neutral) and Bollinger Bands were 11% narrower 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: 6,628.46 6,623.93 6,263.10
Volatility: 7 15 14
Volume: 686,178,240 656,846,016 637,254,848
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 6.6% above 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 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 6 periods.