Australia: S&P/ASX 200 (.AXJO) poised to open lower, oil plunges

Australia: S&P/ASX 200 (.AXJO) poised to open lower, oil plunges

Australia: S&P/ASX 200 (.AXJO) poised to open lower, oil plunges

Australia stocks were lower after the close on Monday, as losses in the Gold, Healthcare and A-REITs sectors led shares lower.

At the close in Sydney, the S&P/ASX 200 lost 0.45%.

The best performers of the session on the S&P/ASX 200 were G8 Education Ltd (AX:GEM), which rose 5.88% or 0.140 points to trade at 2.520 at the close. Meanwhile, Inghams Group Ltd (AX:ING) added 4.53% or 0.17 points to end at 3.92 and Sigma Pharmaceuticals Ltd (AX:SIG) was up 4.21% or 0.020 points to 0.495 in late trade.

The worst performers of the session were Orocobre Ltd (AX:ORE), which fell 4.44% or 0.250 points to trade at 5.380 at the close. Evolution Mining Ltd (AX:EVN) declined 4.53% or 0.150 points to end at 3.160 and Western Areas Ltd (AX:WSA) was down 3.99% or 0.145 points to 3.485.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 604 to 575 and 350 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 5.27% to 12.619.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,331.00.

The projected lower bound is: 6,159.14.

The projected closing price is: 6,245.07.

Candlesticks

A black body occurred (because prices closed lower 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 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 51.6060. 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 58.22. 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 15 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 47. 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 0 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed down -26.900 at 6,241.500. Volume was 32% below average (neutral) and Bollinger Bands were 34% narrower than normal.

Open High Low Close Volume___
6,267.6006,275.7006,235.5006,241.500 381,858,656

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

Moving Averages: 10-period 50-period 200-period
Close: 6,241.93 6,121.16 5,985.79
Volatility: 11 9 10
Volume: 482,731,968 563,421,888 549,509,376

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 4.3% 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 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 17 periods.

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