Australia: S&P/ASX 200 (.AXJO) Set to Open Higher
Australian shares are set to open higher as a tech rally paced a rally on Wall Street. $A rebounds.
All three US benchmarks were sharply higher in afternoon trade. Twenty five of the Dow’s 30 components were higher, paced by Microsoft, Cisco, Intel and Apple.
Shares in Atlassian surged 4.7 per cent to $US68.43 at about 1.30pm New York time.
The continuing resilience of US stocks is difficult to deny.
Local data: New Zealand BusinessNZ manufacturing PMI June.
Overseas data: China trade June; US import and export price indices, University of Michigan consumer sentiment July.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 6,097.78.
The projected upper bound is: 6,361.20.
The projected lower bound is: 6,184.12.
The projected closing price is: 6,272.66.
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 24 white candles and 26 black candles for a net of 2 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 49.9574. This is not an overbought or oversold reading. The last signal was a sell 1 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 62.74. 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 77. This is not a topping or bottoming area. 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 0 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 52.700 at 6,268.300. Volume was 5% above average (neutral) and Bollinger Bands were 17% 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: 6,228.18 6,114.19 5,979.92
Volatility: 11 9 10
Volume: 525,785,376 571,987,008 550,704,384
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 4.8% above 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 moderate flows of volume into .AXJO (mildly bullish). Our trend forecasting oscillators are currently bullish on .AXJO and have had this outlook for the last 15 periods.
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