Australia: S&P/ASX 200 (.AXJO) Rally Stalls
Asia markets were broadly down on on Thursday afternoon after trading in positive broadly positive territory earlier in the day, as Australia’s third and fourth largest telecom operators announced plans for a merger.
Down Under, the ASX 200 ended the trading day in flat territory and closed at 6,351.80. However, the telecommunications sector rose 3.59 percent after TPG Telecom and Vodafone Hutchison Australia announced a merger that will create a combined entity valued at A$15 billion ($11 billion).
Shares of Hutchison Telecommunications (Australia), which owns 50 percent of Vodafone Hutchison Australia, closed 44 percent higher on that news, while shares of TPG Telecom jumped 18.15 percent.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,442.48.
The projected lower bound is: 6,265.91.
The projected closing price is: 6,354.19.
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.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 89.7983. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 2 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 61.33. 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 48 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 129.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 buy 0 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed down -0.400 at 6,351.800. Volume was 16% above average (neutral) and Bollinger Bands were 28% 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: 6,300.39 6,260.27 6,054.96
Volatility: 9 9 11
Volume: 681,350,528 554,147,968 561,286,656
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 4.9% 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 0 periods.