The ASX 200 added just 0.1 per cent at Thursday’s open as the big bankers and miners pull in opposite directions.
The benchmark index added 4.2 points in the first 20 minutes of trade to 6119.6. SPI futures had pointed to an early jump after new records were set on Wall Street overnight.
All four major banks were between 0.9 per cent and 1.5 per cent lower while BHP and Rio Tinto each climbed about 1 per cent on higher iron ore prices.
Health stocks were higher thanks to a 1.1 per cent rise for biotech CSL, a 1.6 per cent jump for Fisher and Paykel, and gains for the reporting Ramsay Health Care and Mesoblast.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 5,936.47.
The projected upper bound is: 6,337.35.
The projected lower bound is: 5,969.35.
The projected closing price is: 6,153.35.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 50.2766. This is not an overbought or oversold reading. The last signal was a sell 10 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 56.24. 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 55 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 53. This is not a topping or bottoming area. The last signal was a sell 1 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 1 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 32.700 at 6,149.100. Volume was 75% below average (consolidating) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume 6,116.400 6,149.600 6,116.400 6,149.100 210,513,840
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 6,128.13 6,025.44 6,143.87 Volatility: 12 20 39 Volume: 761,570,816 746,114,240 849,164,672
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 0.1% 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 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 25 periods.