Australia: S&P/ASX 200 (.AXJO) waiting to see what will come out of two days of trade talks

Australia: S&P/ASX 200 (.AXJO) waiting to see what will come out of two days of trade talks

Australia: S&P/ASX 200 (.AXJO) waiting to see what will come out of two days of trade talks

The Australian sharemarket has closed higher for a third day ahead of another round of US-China trade talks.

The S&P/ASX 200 index finished Tuesday up 29.8 points to 6593.4, while the all ordinaries was up 27 points to 6713.7.

“A pretty good session,” said CommSec market analyst James Tao.

* The benchmark S&P/ASX200 index closed up 29.8 points, or 0.45 per cent, at 6,593.4 points.

* The All Ordinaries closed up 27 points, or 0.4 per cent, to 6,713.7 points.

* At 1637 AEST the SPI200 futures index was up 26 points, or 0.4 per cent, to 6,566.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 6,605.62.

The projected upper bound is: 6,763.89.

The projected lower bound is: 6,412.84.

The projected closing price is: 6,588.37.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 30.8334. This is not an overbought or oversold reading. The last signal was a buy 0 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 46.41. 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 66 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 -78. This is not a topping or bottoming area. The last signal was a buy 0 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 6 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed up 29.800 at 6,593.400. Volume was 28% below average (neutral) and Bollinger Bands were 9% narrower than normal.

Open     High      Low     Close     Volume___
6,563.6006,601.2006,563.6006,593.400 476,483,296
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 6,634.20 6,606.05 6,344.95
Volatility: 19 17 13
Volume: 561,980,480 681,972,224 631,678,848

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 3.9% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into .AXJO (mildly bullish). Our trend forecasting oscillators are currently bearish on .AXJO and have had this outlook for the last 1 periods.

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