Australia: S&P/ASX 200 (.AXJO) poised to open lower
Australian shares are poised to open lower, dragged down by Wall Street with attention focussed on the US-China trade talks in Washington.
For local investors, the focus is on the RBA which will release its Statement on Monetary Policy at 11.30am AEST, in which it is expected to lower its growth forecasts.
In early local news, Wynn tipped its interest in M&A though it didn’t specifically say Crown was still in its sights.
ASX futures were 9 points or 0.1 per cent lower at about 7.15am AEST.
Wall Street’s three major benchmarks each ended in the red, though off their session lows.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,395.48.
The projected lower bound is: 6,199.48.
The projected closing price is: 6,297.48.
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 30 white candles and 20 black candles for a net of 10 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 33.8952. This is not an overbought or oversold reading. The last signal was a sell 7 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 52.77. 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 8 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 -62. This is not a topping or bottoming area. The last signal was a sell 7 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 3 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 26.200 at 6,295.300. Volume was 8% below average (neutral) and Bollinger Bands were 20% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,326.45 6,231.60 6,032.60
Volatility: 9 10 14
Volume: 557,086,784 622,390,848 612,560,832
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 4.4% above its 200-period moving average and is in an upward trend. Volatility is low 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 15 periods.
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