UK FTSE 100 (.FTSE) Conservative MPs will cast their votes on whether to save Prime Minister Theresa May

UK FTSE 100 (.FTSE) Conservative MPs will cast their votes on whether to save Prime Minister Theresa May

Update: UK Prime Minister May Wins Confidence Vote

UK FTSE 100 (.FTSE) Conservative MPs will cast their votes on whether to save Prime Minister Theresa May

Between 6pm and 8pm this evening, Conservative MPs will cast their votes on whether to save Prime Minister Theresa May in today’s no confidence vote.

The FTSE 100 stock market and the pound both rose this morning amid claims that traders now believe Brexit could be postponed or even cancelled.

Shortly before 4pm, London’s benchmark index was up 73 points at 6880 – despite news of Prime Minister Theresa May facing a no-confidence vote tonight.

At closing time, the FTSE 100 index was up 1.08 per cent or 73.25 points to 6,880.10. The FTSE 250 index closed up 1.9 per cent or 335.71 points to 17,988.97.

After a dip this morning, the pound started to climb against the euro and the dollar. Against the US dollar, the pound is at $1.2663, while against the euro it is at €€1.1142. 

Overall, the bias in prices is: Downwards

By the way, prices are vulnerable to a correction towards 7,128.86.

The projected upper bound is: 7,064.62.

The projected lower bound is: 6,670.55.

The projected closing price is: 6,867.59.

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 21 white candles and 29 black candles for a net of 8 black 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 37.8576. 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 45.16. 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 32 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 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 4 period(s) ago.

Rex Takasugi – TD Profile

FTSE 100 INDEX closed up 73.250 at 6,880.190. Volume was 37% above average (neutral) and Bollinger Bands were 12% wider than normal.

Open High Low Close Volume___
6,806.9406,902.1906,806.9406,880.1901,096,442,624

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

Moving Averages: 10-period 50-period 200-period
Close: 6,891.70 7,029.34 7,371.29
Volatility: 27 18 15
Volume: 933,229,568 856,383,296 825,966,400

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

FTSE 100 INDEX is currently 6.7% 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 .FTSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .FTSE and have had this outlook for the last 4 periods.

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