Australia: S&P/ASX 200 (.AXJO) unable to join in with a pan-Asia rally as gold miners weighed and several fund managers lost ground

Australia: S&P/ASX 200 (.AXJO) unable to join in with a pan-Asia rally as gold miners weighed and several fund managers lost ground

Australia: S&P/ASX 200 (.AXJO) unable to join in with a pan-Asia rally as gold miners weighed and several fund managers lost ground

Australian shares steadied at the start of a holiday-shortened week, with the benchmark unable to join in with a pan-Asia rally as gold miners weighed and several fund managers lost ground.

The S&P/ASX 200 Index closed flat at 6251, while the All Ordinaries Index also traded flat at 6347. The Australian dollar dipped 0.1 per cent to US71.68¢.

The lacklustre performance from the Australian benchmark at the start of a short trading week contrasted with a strong performance from US markets on Friday, when bank earnings pleased investors and solid data on exports and bank loans emerged from China.

Asian shares rallied broadly on Monday, with investors also buoyed by comments from US Treasury Secretary Steven Mnuchin, who reportedly said that China and the US were making progress in talks to end their nine-month trade and tariff war.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,358.49.

The projected lower bound is: 6,158.72.

The projected closing price is: 6,258.60.

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 78.8153. This is not an overbought or oversold reading. The last signal was a sell 6 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 59.06. 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 26 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 89. This is not a topping or bottoming area. The last signal was a sell 6 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 3 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 0.100 at 6,251.400. Volume was 25% below average (neutral) and Bollinger Bands were 39% narrower than normal.

Open High Low Close Volume___
6,251.3006,259.4006,238.9006,251.400 468,749,568

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

Moving Averages: 10-period 50-period 200-period
Close: 6,230.96 6,162.63 6,027.30
Volatility: 11 10 14
Volume: 538,527,936 655,401,600 606,295,168

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 3.7% above its 200-period moving average and is in an upward trend. Volatility is 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 0 periods.

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