Australia: S&P/ASX 200 (.AXJO) Set to Recover Losses from Friday
The ASX is tipped to correct itself and open higher after faltering at the close in anticipation of a Wall Street dip that never eventuated.
Threats of US imposed tariffs on China spooked the Australian market to close 32 points lower on Friday.
However, Wall Street weathered the uncertainty, which should mean a bump in the local market at the open. We will have a bit of a bounce to make up for that, it looks like we’ll recover a big chunk of the losses we saw on Friday.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 6,410.79.
The projected lower bound is: 6,231.99.
The projected closing price is: 6,321.39.
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 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 81.3776. 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 55.48. 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 49 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 63. This is not a topping or bottoming area. The last signal was a sell 0 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 1 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed down -32.300 at 6,319.500. Volume was 32% above average (neutral) and Bollinger Bands were 31% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 6,298.42 6,262.16 6,056.71
Volatility: 9 9 11
Volume: 697,890,560 557,345,920 562,005,760
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 4.3% 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 1 periods.
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