Australia: S&P/ASX 200 (.AXJO) stocks are tipped to make a steady start after a mixed night on Wall Street

Australia: S&P/ASX 200 (.AXJO) stocks are tipped to make a steady start after a mixed night on Wall Street

Australia: S&P/ASX 200 (.AXJO) stocks are tipped to make a steady start after a mixed night on Wall Street

Australia stocks were higher after the close on Tuesday, as gains in the Materials, Metals & Mining and Resources sectors led shares higher.

At the close in Sydney, the S&P/ASX 200 added 0.30%.

The best performers of the session on the S&P/ASX 200 were CYBG PLC (ASX:CYB), which rose 9.60% or 0.240 points to trade at 2.740 at the close. Meanwhile, South32 Ltd (ASX:S32) added 6.56% or 0.160 points to end at 2.600 and Saracen Mineral Holdings Ltd (ASX:SAR) was up 4.75% or 0.160 points to 3.530 in late trade.

The worst performers of the session were Super Retail Group Ltd (ASX:SUL), which fell 8.58% or 0.820 points to trade at 8.740 at the close. Cochlear Ltd (ASX:COH) declined 5.52% or 11.83 points to end at 202.42 and Pro Medicus Ltd (ASX:PME) was down 5.21% or 1.650 points to 30.010.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 579 to 536 and 333 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 4.29% to 12.929.

Gold Futures for December delivery was up 0.01% or 0.15 to $1488.25 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 0.37% or 0.20 to hit $53.31 a barrel, while the December Brent oil contract fell 0.29% or 0.17 to trade at $58.79 a barrel.

AUD/USD was up 0.09% to 0.6873, while AUD/JPY rose 0.09% to 74.63.

The US Dollar Index Futures was down 0.01% at 97.042.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 6,833.65.

The projected lower bound is: 6,514.90.

The projected closing price is: 6,674.27.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 37.4020. 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 53.32. 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 76 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 69. This is not a topping or bottoming area. The last signal was a buy 10 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 5 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 19.700 at 6,672.200. Volume was 12% below average (neutral) and Bollinger Bands were 10% narrower than normal.

Open     High      Low     Close     Volume___
6,652.5006,680.4006,648.3006,672.200 577,405,376
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 6,639.08 6,607.48 6,396.52
Volatility: 12 15 13
Volume: 584,006,912 666,399,872 635,945,344

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.

Summary

S&P/ASX 200 is currently 4.3% above its 200-period moving average and is in an downward 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 bearish on .AXJO and have had this outlook for the last 11 periods.

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