Australian Stocks May Be Riding Too High: ChartBy
After having its best month in five years, Australia’s S&P/ASX 200 Index is sending bearish signals. More than 80 percent of its members closed last week above their 200-day moving average, after that metric hit a six-year high on Aug. 1. That same day, almost a quarter of the stocks’ relative strength indexes were in oversold territory -- the most since February 2015 -- and now many have fallen out of that zone, which technical analysts consider a sell signal.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- ‘No Cash’ Signs Everywhere Has Sweden Worried It's Gone Too Far
- Boom Turns to Bust for Millennials Across Advanced Economies
- How One of the Most Profitable Trades of the Last Few Years Blew Up in a Single Day
- Dollar Steady, Oil Rises as European Stocks Falter: Markets Wrap
- Record ‘Black Panther’ Debut May Be a Game Changer for Hollywood