Australia: S&P/ASX 200 (.AXJO) – The day ahead
Today is the deadline for ASX companies to lodge their quarterly reports, hence the bourse will be full of these today.
In economic data, the RBA will release its statistics on private sector credit, while the Australian Bureau of Statistics will release its Producer Price Index (PPI). This measures the changes in the prices of commodities as either outputs or inputs.
The following ASX companies are in trading halts and are expected to exit in the next two trading days:
Tinybeans (ASX:TNY) – acquisition and capital raising
Technology Metals Australia (ASX:TMT) – capital raising
PTB Group (ASX:PTB) – capital raising
Emeco Holdings (ASX:EHL) – service agreement
Korab Resources (ASX:KOR) – company announcement
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 6,862.25.
The projected upper bound is: 7,171.66.
The projected lower bound is: 6,853.72.
The projected closing price is: 7,012.69.
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 30 white candles and 20 black candles for a net of 10 white 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 26.5518. This is not an overbought or oversold reading. The last signal was a sell 4 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 56.47. 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 4 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 -14. This is not a topping or bottoming area. The last signal was a sell 4 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 sell 1 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed down -23.100 at 7,008.400. Volume was 22% above average (neutral) and Bollinger Bands were 87% wider 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: 7,059.73 6,842.55 6,644.59
Volatility: 12 15 14
Volume: 546,763,776 547,441,536 612,187,328
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 5.5% above its 200-period moving average and is in an upward trend. Volatility is low 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 14 periods.
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