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Wednesday, October 20, 2021

Australia: S&P/ASX 200 (.AXJO) recovering from early weakness

Australia: S&P/ASX 200 (.AXJO) recovering from early weakness

The Australian share market has recovered from early weakness to finish higher, with every sector rising except banking as Westpac traded ex-dividend.

The benchmark S&P/ASX200 index hit its highest level in the final minutes of trade to close up 43.6 points, or 0.69 per cent, to 6,327.8 points at 1615 AEST on Thursday. The broader All Ordinaries was up 46.6 points, or 0.73 per cent, to 6,417.5.

The big four banks were mixed.

Commonwealth Bank gained 1.1 per cent to $73.33 and ANZ gained 1.4 per cent to $26.66, while NAB fell 0.33 per cent to $24.20 and Westpac fell 3.87 per cent to $25.85 as it went ex-dividend.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,430.05.

The projected lower bound is: 6,229.96.

The projected closing price is: 6,330.01.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 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 68.6669. This is not an overbought or oversold reading. The last signal was a sell 12 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 55.97. 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 13 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 2. This is not a topping or bottoming area. The last signal was a buy 1 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 8 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 43.600 at 6,327.800. Volume was 9% above average (neutral) and Bollinger Bands were 37% narrower than normal.

Open High Low Close Volume___
6,284.2006,327.8006,272.8006,327.800 668,888,768

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

Moving Averages: 10-period 50-period 200-period
Close: 6,294.00 6,243.66 6,033.15
Volatility: 10 10 14
Volume: 560,772,544 609,079,424 612,404,224

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 20 periods.

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