Australia: S&P/ASX 200 (.AXJO) Set to Open Flat
Australia’s S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) indices finished lower on Monday.
Here’s a short recap of the Australian market:
S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) lower 0.58% to 5,904.90
ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) lower 0.61% to 6,006.20
AUD/USD at US 71 cents
Gold at US$1,227.55 an ounce
Brent Oil at US$80.07 a barrel
The best-performing ASX 200 share today was lithium miner Pilbara Minerals Ltd (ASX: PLS), it rose by 5.1%.
Shares of fintech business Hub24 Ltd (ASX: HUB) fell 1.7% despite revealing a record first quarter to investors.
Childcare operator G8 Education Ltd (ASX: GEM) fell 0.9% today despite revealing it had achieved debt refinancing with lenders.
It was another red day for the technology darlings of the ASX. The largest fall belonged to WiseTech Global Ltd (ASX: WTC) which dropped 5% and Appen Ltd (ASX: APX) declined 4.1%.
Investors sent the share price of Australian Pharmaceutical Industries Ltd (ASX: API) down 4.6% after investors had the weekend to think about full-year result last week.
Finally, shares of rare earth business Lynas Corporation Ltd (ASX: LYC) fell 5.3%, making it one of the heaviest declines in the ASX 200 today.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 6,081.61.
The projected upper bound is: 6,019.78.
The projected lower bound is: 5,776.13.
The projected closing price is: 5,897.95.
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 23 white candles and 27 black candles for a net of 4 black 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 89.5818. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 33.92. 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 3 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 -52. This is not a topping or bottoming area. The last signal was a buy 3 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 10 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed down -34.600 at 5,904.900. Volume was 12% below average (neutral) and Bollinger Bands were 145% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 5,930.33 6,165.49 6,073.88
Volatility: 20 13 12
Volume: 618,970,688 610,688,512 573,497,600
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 2.8% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 32 periods.
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