Australia: S&P/ASX 200 (.AXJO) Set to Open Higher
Australian shares advanced to the highest level since November 13, ending two days of losses for the local market as positive sentiment returned.
The S&P/ASX 200 Index rose 41.2 points, or 0.7 per cent, to 5814.6 while the broader All Ordinaries climbed 38.6 points, or 0.7 per cent, to 5871.8.
The positive conclusion of negotiations between China and the United States could begin a prolonged trade truce between the two nations according to CBA, however it believes the already applied tariffs are unlikely to be reversed. “There are reasons to be tentatively optimistic about the prospects of a prolonged trade truce between the US and China,” said CBA’s China economist Kevin Xie. “However, trade negotiations are unlikely to be a smooth journey because the two sides remain divided on certain topics.”
Overall, the bias in prices is: Sideways.
The projected upper bound is: 5,976.51.
The projected lower bound is: 5,651.64.
The projected closing price is: 5,814.08.
A white body occurred (because prices closed higher 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 25 white candles and 25 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 83.6561. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 61.19. 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 52 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 104.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 buy 11 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 41.200 at 5,814.600. Volume was 28% below average (neutral) and Bollinger Bands were 24% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 5,715.24 5,702.28 6,002.61
Volatility: 16 18 14
Volume: 455,638,464 602,950,464 583,467,776
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 3.1% 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 6 periods.