UK FTSE 100 (.FTSE) hits four-month high as Trump says China deal close
The FTSE 100 has rallied to a four-month high after Donald Trump said the US was in the ‘final throes’ of trade negotiations with China.
The UK blue-chip index rose 37 points, or 0.5%, to 7,440, its highest level since early August.
Trump told reporters the US was close to sealing ‘one of the most important deals in trade ever’.
‘It’s going very well but at the same time we want to see it go well in Hong Kong,’ he said.
Markets.com analyst Neil Wilson was sceptical. ‘[A deal] is apparently close, but is it very close like it was a few days earlier?’ he said.
‘Trump says it’s close anyway and that’s all the excuse the bulls needed to get to new all-time highs [in US markets] on Tuesday.’
Overall, the bias in prices is: Upwards.
The projected upper bound is: 7,593.76.
The projected lower bound is: 7,270.43.
The projected closing price is: 7,432.09.
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 28 white candles and 22 black candles for a net of 6 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 93.7391. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 13 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 61.30. 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 79 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 148.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 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 buy 1 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 26.640 at 7,429.780. Volume was 17% below average (neutral) and Bollinger Bands were 39% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,328.43 7,288.71 7,315.68
Volatility: 12 14 13
Volume: 709,948,480 745,819,840 728,259,584
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 1.6% above its 200-period moving average and is in an upward trend. Volatility is 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 21 periods.