UK FTSE 100 (.FTSE) continuining uncertainty over a no-deal Brexit
Shares in Britain’s banks are set to remain under pressure in 2019 as uncertainty over Brexit looms ever larger over the City.
Analysts say the rally seen in the FTSE 350 bank index after the 2016 referendum on EU membership ran out of steam this January and has been declining steadily since.
With fewer than 100 days to go until Britain leaves the bloc, Theresa May’s deal will come before Parliament for its ‘meaningful vote’ on 14 January – but looks set to be defeated.
Both the Government and the EU Commission have meanwhile stepped up preparations for a possible no-deal.
Banks and other financial services firms are also expected to continue implementing contingency plans to move some UK business and staff to rival financial hubs such as Dublin, Paris and Frankfurt to protect passporting rights that allow them conduct business across the EU.
It will come after a mixed 2018.
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 7,083.92.
The projected upper bound is: 6,862.29.
The projected lower bound is: 6,495.96.
The projected closing price is: 6,679.13.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 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 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 31.6176. This is not an overbought or oversold reading. The last signal was a buy 2 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 37.14. 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 40 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 -110.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 3 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 12 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed down -35.180 at 6,685.990. Volume was 75% below average (consolidating) and Bollinger Bands were 25% 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: 6,776.97 6,963.28 7,355.16
Volatility: 16 17 15
Volume: 862,423,168 851,232,384 826,676,032
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 9.1% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 12 periods. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.
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