Australia: S&P/ASX 200 (.AXJO) turn flat ahead of open

Australia:  S&P/ASX 200 (.AXJO) turn flat ahead of open

Australia: S&P/ASX 200 (.AXJO) turn flat ahead of open

The Australian sharemarket has closed the session higher for just the second time this month as positive reporting season results lifted the index.

The S&P/ASX 200 index advanced 14.6 points, or 0.2 per cent, to 6268.5, with investors encouraged by Commonwealth Bank and AMP’s results.

Commonwealth Bank reported its first cash profit fall since the global financial crisis as regulatory penalties pushed expenses higher. Investors may have been expecting worse and were likely encouraged by the fact that without the one-off expenses, the bank would have recorded a $10.01 billion cash profit. Its shares rose 2.6 per cent to $74.81 and led the market on Wednesday.

AMP shares lifted 3.9 per cent to $3.48 despite the company recording a fall in profit. The financial services giant recorded an underlying interim profit of $495 million, beating market expectations of $487 million.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,369.05.

The projected lower bound is: 6,178.15.

The projected closing price is: 6,273.60.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 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 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 55.7502. This is not an overbought or oversold reading. The last signal was a sell 5 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 54.71. 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 32 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 20. This is not a topping or bottoming area. The last signal was a sell 5 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 17 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 14.600 at 6,268.500. Volume was 6% above average (neutral) and Bollinger Bands were 62% narrower than normal.

Open High Low Close Volume___
6,253.9006,279.0006,253.9006,268.500 583,484,544

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

Moving Averages: 10-period 50-period 200-period
Close: 6,265.01 6,183.18 6,027.31
Volatility: 8 10 10
Volume: 542,404,864 556,489,536 551,725,952

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 4.0% above its 200-period moving average and is in an downward trend. Volatility is low 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 4 periods.

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