Australia: S&P/ASX 200 (.AXJO) stocks lower at close of trade

Australia: S&P/ASX 200 (.AXJO) stocks lower at close of trade

Australia: S&P/ASX 200 (.AXJO) stocks lower at close of trade

Australia stocks were lower after the close on Tuesday, as losses in the IT, Energy and Utilities sectors led shares lower.

At the close in Sydney, the S&P/ASX 200 declined 0.10%.

The best performers of the session on the S&P/ASX 200 were Breville Group Ltd (ASX:BRG), which rose 5.98% or 0.960 points to trade at 17.010 at the close. Meanwhile, Pilbara Minerals Ltd (ASX:PLS) added 5.10% or 0.025 points to end at 0.515 and Speedcast International Ltd (ASX:SDA) was up 4.18% or 0.080 points to 1.995 in late trade.

The worst performers of the session were Afterpay Touch Group Ltd (ASX:APT), which fell 4.85% or 1.310 points to trade at 25.690 at the close. Nufarm Ltd (ASX:NUF) declined 4.85% or 0.220 points to end at 4.320 and Reliance Worldwide Corporation Ltd (ASX:RWC) was down 4.67% or 0.170 points to 3.470.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 639 to 538 and 363 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 0.85% to 11.672.

Gold Futures for August delivery was down 0.25% or 3.45 to $1396.55 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August fell 0.36% or 0.21 to hit $57.45 a barrel, while the September Brent oil contract fell 0.30% or 0.19 to trade at $63.92 a barrel.

AUD/USD was down 0.26% to 0.6952, while AUD/JPY fell 0.18% to 75.63.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 6,450.67.

The projected upper bound is: 6,794.10.

The projected lower bound is: 6,549.55.

The projected closing price is: 6,671.82.

Candlesticks

A black body occurred (because prices closed lower 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 28 white candles and 22 black candles for a net of 6 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 46.0310. 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 58.50. 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 1 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 -21. This is not a topping or bottoming area. The last signal was a sell 1 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 sell 1 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed down -6.500 at 6,665.700. Volume was 13% below average (neutral) and Bollinger Bands were 7% narrower than normal.

Open High Low Close Volume___
6,672.2006,679.0006,641.4006,665.700 549,944,512

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 6,671.96 6,482.01 6,087.30
Volatility: 11 12 14
Volume: 612,919,552 640,425,600 625,550,528

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 9.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 20 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH