Australia: S&P/ASX 200 (.AXJO) sentiment on global trade turns bearish
Australian shares closed lower on Tuesday, wiping most of the gains from the previous session as investor sentiment on global trade turned bearish.
The S&P/ASX 200 Index fell 58.1 points, or 1 per cent, to 5713.1 while the broader All Ordinaries slid 58.8 points, or 1 per cent, to 5797.5.
Major banks led the market losses on Tuesday as the RBA kept rates on hold for a record 28th consecutive month. Commonwealth Bank slid 1.1 per cent to $70.80, Westpac shares closed 1.4 per cent lower at $25.89, ANZ slid 1.4 per cent to $26.36 and NAB fell 0.9 per cent to $24.38.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 5,893.78.
The projected upper bound is: 5,870.40.
The projected lower bound is: 5,536.88.
The projected closing price is: 5,703.64.
A black body occurred (because prices closed lower 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 26 white candles and 24 black candles for a net of 2 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 46.6628. This is not an overbought or oversold reading. The last signal was a sell 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 44.58. 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 buy 25 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 70. This is not a topping or bottoming area. The last signal was a buy 8 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 4 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed down -58.100 at 5,713.100. Volume was 8% above average (neutral) and Bollinger Bands were 32% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 5,708.52 5,874.24 6,040.30
Volatility: 19 18 13
Volume: 695,766,144 620,232,128 587,162,048
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 5.4% below its 200-period moving average and is in an upward trend. Volatility is high 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 3 periods.