Australia: S&P/ASX 200 (.AXJO) rallied to end a mostly lacklustre week

Australia: S&P/ASX 200 (.AXJO) rallied to end a mostly lacklustre week

Australia: S&P/ASX 200 (.AXJO) rallied to end a mostly lacklustre week

The Australian share market has rallied to end a mostly lacklustre week a tad higher than where it began, thanks to gold miners and the big banks.

The benchmark S&P/ASX200 index finished up 51.2 points, or 0.77 per cent, to 6,700.3 points at 1615 AEST on Friday, while the broader All Ordinaries was up 50.8 points, or 0.75 per cent, to 6,786.2.

“We haven’t exactly been doing really well over the course of the week,” said Commsec market analyst Steven Daghlian.

Still despite just two days of gains all week the ASX200 index managed to finish the week up 3.7 points.

Every sector was higher, led by utilities, which were up 1.6 per cent, followed by mining and financials, which were both up 1.1 per cent.

The Aussie dollar is at its highest level against the greenback since April, after the US dollar sank on expectations of a US rate cut.

The Australian dollar is buying 70.63 US cents, from 70.33 US cents on Thursday.

Looking forward, traders next week will be watching a speech on inflation by Reserve Bank of Australia Governor Philip Lowe on Thursday afternoon.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,828.58.

The projected lower bound is: 6,588.22.

The projected closing price is: 6,708.40.

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 29 white candles and 21 black candles for a net of 8 white 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 52.5173. This is not an overbought or oversold reading. The last signal was a sell 9 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 58.54. 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 9 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 4. This is not a topping or bottoming area. The last signal was a sell 9 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 9 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 51.200 at 6,700.300. Volume was 21% below average (neutral) and Bollinger Bands were 50% narrower than normal.

Open High Low Close Volume___
6,649.1006,705.4006,646.6006,700.300 491,226,592

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

Moving Averages: 10-period     50-period     200-period
Close: 6,675.70 6,540.00 6,107.16
Volatility: 11 12 14
Volume: 540,151,104 637,337,984 623,713,024

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 9.7% 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 28 periods.

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