Australia: S&P/ASX 200 (.AXJO) weak Chinese manufacturing data
The Australian sharemarket finished in the black as a late window-dressing surge swept aside weak Chinese manufacturing data took and earlier profit taking hit the major banks.
The S&P-ASX 200 index opened 0.3 per cent higher and traded in-and-out of the red for most of the session.
It was down 0.13 per cent at the end of normal trade but leapt 33 points, or 0.5 percent in the last-second closing auction alone to close up 25.2 points, or 0.43 per cent, at 5830.3 with industrials and the major banks offsetting weakness in miners.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 6,022.28.
The projected upper bound is: 5,965.79.
The projected lower bound is: 5,677.38.
The projected closing price is: 5,821.59.
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 23 white candles and 27 black candles for a net of 4 black 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 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 68.1224. This is not an overbought or oversold reading. The last signal was a buy 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 40.76. 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 buy 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 -15. This is not a topping or bottoming area. The last signal was a buy 1 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 17 period(s) ago.
Rex Takasugi – TD Profile
S&P/ASX 200 closed up 25.200 at 5,830.300. Volume was 30% above average (neutral) and Bollinger Bands were 143% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 5,815.18 6,088.96 6,063.14
Volatility: 21 15 13
Volume: 651,981,312 624,801,088 581,152,512
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 3.8% below 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 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 39 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.
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