UK FTSE 100 (.FTSE) higher as trader optimism appeared to bounce back
FTSE 100 joined other global indices and headed higher on Thursday as trader optimism appeared to bounce back.
The UK index of leading shares closed 87.20 points higher at 7,285. Elsewhere, the mid-cap FTSE 250 added over 196 points to stand at 19,137.
China’s central bank today set the reference rate for the yuan at 7.0039 per US dollar- the weakest level since April 2008 but above levels hit last week.
On Wall Street, the Dow Jones Industrial Average was up over 291 points at 26,300, while the broader-based S&P 500 gained over 43 points at 2,927.
It was a fairly quiet day on the currency markets, due in part to the actions of the Chinese central bank. Sterling was down 0.03% against the US dollar.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 7,454.86.
The projected lower bound is: 7,119.65.
The projected closing price is: 7,287.25.
A white body occurred (because prices closed higher 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 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 13.2633. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 18 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 39.51. 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 -105.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 4 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 87.200 at 7,285.900. Volume was 5% above average (neutral) and Bollinger Bands were 85% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,434.13 7,437.06 7,186.87
Volatility: 26 14 15
Volume: 906,824,192 711,160,512 740,070,912
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 1.4% above 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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