UK FTSE 100 (.FTSE) MPs are back today after the Easter break and cross-party Brexit talks resume
The FTSE 100 closed up 0.85 per cent, or 63.19 points, at 7,523.07, lifted by the likes of BP and Royal Dutch Shell, which benefited from rising oil prices.
Oil prices have continued to soar to more than $74 a barrel as President Donald Trump tightens the sanctions on Iranian imports.
Meanwhile, cross-party Brexit talks restarted today as MPs returned from the Easter recess and the clock ticks down to the European Parliament election.
The pound rose against the dollar to above $1.30 earlier today, but at markets close it was down 0.3 per cent at $1.2945.
Property giant British Land is selling off 12 Sainsbury’s superstores for £429million under plans to slash its exposure to the troubled retail sector from around 50 per cent to about a third.
The FTSE 100 closed up 0.85%, or 63.19 points, at 7,523.07
Shayne Heffernan, CEO and Founder of Heffx, summing up today’s markets movements:
The FTSE 100 has reached a fresh six month high, and the rally in the oil and gas sector has helped the London index.
The DAX and CAC 40 were previously in the red, and they have turned positive on the day, as the feel good factor has spread across Europe. The rally in global stocks is showing no signs of slowing down, and lately, no news has been deemed to be good news.
Thomas Cook shares rallied today as there is chatter that a number of private equity firms are considering bidding for portions of the business, or even for the group as a whole.
BP and Royal Dutch Shell have been given a boost this morning due to the underlying rally in the oil market. The Trump administration is seeking to put pressure on Iran, and it is aiming to drive down Iranian oil exports even further. On the other side of the coin, easyJet and Wizz Air shares are suffering due to the higher oil prices.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 7,256.89.
The projected upper bound is: 7,654.14.
The projected lower bound is: 7,410.08.
The projected closing price is: 7,532.11.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 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 83.5061. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 7 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 71.60. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 121 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 195.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 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 0 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 63.190 at 7,523.070. Volume was 12% above average (neutral) and Bollinger Bands were 12% wider 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: 7,451.54 7,263.27 7,212.53
Volatility: 6 11 15
Volume: 638,426,432 713,511,808 753,706,752
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 4.3% 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 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 13 periods. Our momentum oscillator is currently indicating that .FTSE is currently in an overbought condition.
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