Australia: S&P/ASX 200 (.AXJO) modest gains across the board pushing the market higher

Australia: S&P/ASX 200 (.AXJO) modest gains across the board pushing the market higher

Australia: S&P/ASX 200 (.AXJO) modest gains across the board pushing the market higher

Australian shares advanced on Thursday, with modest gains across the board pushing the market higher for a third straight session.

The S&P/ASX 200 Index added 24.5 points, or 0.4 per cent, to end the session at 6383, while the broader All Ordinaries climbed 22.8 points, or 0.4 per cent, to 6466.4.

Bank of Queensland announced it had appointed former Westpac executive George Frazis as its chief executive.  Its shares closed 1 per cent higher at $9.44.

Weaker iron ore prices weighed the major miners on Thursday. Rio Tinto slid 2.8 per cent to $96.72, BHP Group fell 1.3 per cent to $37.05 and Fortescue Metals Group declined 2.8 per cent to $7.73.

Afterpay Touch retraced some of its gains from the previous session as it confirmed the launch of its buy-now, pay-later service in the UK and outlined its strong performance in the US. The company had already announced the latter at the WWD Beauty conference in New York, but had not disclosed the information to the ASX.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 6,276.15.

The projected upper bound is: 6,499.97.

The projected lower bound is: 6,276.30.

The projected closing price is: 6,388.14.

Candlesticks

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 32 white candles and 18 black candles for a net of 14 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 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 33.3420. This is not an overbought or oversold reading. The last signal was a buy 0 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 51.84. 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 -59. This is not a topping or bottoming area. The last signal was a buy 1 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 sell 5 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 24.500 at 6,383.000. Volume was 3% below average (neutral) and Bollinger Bands were 27% wider than normal.

Open High Low Close Volume___
6,358.5006,403.2006,358.5006,383.000 618,620,416

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

Moving Averages: 10-period 50-period 200-period
Close: 6,401.61 6,314.60 6,043.45
Volatility: 11 11 14
Volume: 645,284,032 594,694,272 620,599,104

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 5.6% 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 1 periods.

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