UK FTSE 100 (.FTSE) BoE in Focus, Election Polls Highlight Commanding Conservative Lead
ollowing the largely weekly gain in 9-months for the FTSE 100, the index has seen a marginal pullback to be among the underperforming indices this week. A slight recovery in the Pound curbed further gains for the index as focus turns towards the UK general election.
Majority of opinion polls have shown the conservatives with a commanding lead ahead of the labour party, raising the possibility that Boris Johnson may gain a majority in parliament.However, we are of cognizant of the fact that polling data has been somewhat inaccurate in recent times (2015 and 2017 the most obvious examples) therefore the outcome is uncertain.
Looking ahead to next week, much of the focus will center around the Bank of England Monetary Policy report, which is likely to see the central bank reiterate a slightly dovish bias amid the ongoing political uncertainty, while there is also a risk of a more explicit dovish signal.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 7,465.17.
The projected lower bound is: 7,146.63.
The projected closing price is: 7,305.90.
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 26 white candles and 24 black candles for a net of 2 white candles.
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 46.0113. This is not an overbought or oversold reading. The last signal was a sell 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 54.08. 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 61 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 46. This is not a topping or bottoming area. The last signal was a sell 2 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 buy 8 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 54.040 at 7,302.420. Volume was 21% below average (neutral) and Bollinger Bands were 29% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,280.87 7,256.03 7,283.72
Volatility: 11 14 14
Volume: 722,024,192 764,966,720 724,393,408
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.
FTSE 100 INDEX is currently 0.3% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of .FTSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .FTSE and have had this outlook for the last 3 periods.