Australia: S&P/ASX 200 (.AXJO) opened higher this morning

Australia: S&P/ASX 200 (.AXJO) opened higher this morning

Australia: S&P/ASX 200 (.AXJO) opened higher this morning

he Australian share market opened higher this morning following positive leads from Wall Street. It is now tracking at 0.75 per cent higher at noon.

The materials sector is leading the way and the consumer discretionary sector is trailing behind. Iron ore price rose 0.9 per cent to US$67.45 and its futures are pointing to a rise of 4.6 per cent.

We are seeing the likes of Galaxy Resources (ASX:GXY), Pilbara Minerals (ASX:PLS) and SEEK (ASX:SEK), dropping 8.9 per cent. The S&P/ASX 200 index is 47 points up at 6282. On the futures market the SPI is 35points higher.

Materials subindex leading gains as mining majors advanced. BHP was up 2.16 percent and Rio Tinto added 0.63 percent.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,373.71.

The projected lower bound is: 6,181.89.

The projected closing price is: 6,277.80.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

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 22.9522. This is not an overbought or oversold reading. The last signal was a sell 3 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 55.71. 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 30 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 14. This is not a topping or bottoming area. The last signal was a sell 3 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 15 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 38.200 at 6,273.000. Volume was 38% below average (neutral) and Bollinger Bands were 60% narrower than normal.

Open High Low Close Volume___
6,234.8006,284.3006,234.8006,273.000 341,740,704

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

Moving Averages: 10-period 50-period 200-period
Close: 6,264.11 6,173.08 6,023.71
Volatility: 9 10 10
Volume: 524,535,584 553,457,856 551,436,032

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 4.1% 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 2 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.

Latest posts by HEFFX Australia (see all)

You must be logged in to post comments :  
CONNECT WITH