UK FTSE 100 (.FTSE) lagging a fairly flat set of European indices through the session to close in the red
Shares in veterinary-focused drug maker Dechra Pharmaceuticals slipped after it warned full-year results would be weighted towards the second half following supply problems that hit its first-quarter performance.
In an update to the City, Dechra – which primarily makes medicines for animals – said its outlook for the full year remained in line with its expectations, anticipating a 7pc increase in revenues for the period from July to December last year.
It added: “Significant progress has been made and the supply issues have been largely mitigated.” The company said recent acquisitions were performing ahead of expectations.
Chief executive Ian Page added: “Trading in Europe was good while North American growth as expected was constrained but should now resume as we return to normal supply chain inventory levels.”
Shares dropped 262p to £28.06, making Dechra the second-biggest faller on the FTSE 250 behind Telecoms testing group Spirent Communications.
Spirent – which rose earlier this week after saying it anticipates beating earnings expectations – dropped 22p to 226p after Barclays downgraded it. The bank’s analysts said: “despite very strong operations” the group’s “2019 performance and therefore valuation is among the highest in our coverage”.
Their falls came on a flat day of trading for the FTSE 250, which ended the day almost unchanged despite a slew of corporate updates that shifted shares in both directions. The FTSE 100 was not so lucky, lagging a fairly flat set of European indices through the session to close in the red.
The blue-chip bourse was stung by a rising pound and a string of poor corporate results.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 7,761.58.
The projected lower bound is: 7,467.65.
The projected closing price is: 7,614.61.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 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 70.6487. This is not an overbought or oversold reading. The last signal was a sell 0 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 59.98. 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 sell 12 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 67. This is not a topping or bottoming area. The last signal was a sell 0 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 8 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed down -32.990 at 7,609.810. Volume was 21% below average (neutral) and Bollinger Bands were 62% 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: 7,602.50 7,426.91 7,360.32
Volatility: 6 13 14
Volume: 604,798,720 683,382,592 717,161,536
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 3.4% 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 very strong flows of volume into .FTSE (bullish). Our trend forecasting oscillators are currently bullish on .FTSE and have had this outlook for the last 19 periods.