UK FTSE 100 (.FTSE) pushes higher

UK FTSE 100 (.FTSE) pushes higher

UK FTSE 100 (.FTSE) pushes higher

The powerful move higher continues in the FTSE 100, as the index clears the 7405 high from 18 November and targets 7440.

Previous attempts to clear this level have run out of steam, but a daily close above this level targets 7560 and 7650. The price has been able to rally through the 50, 100 and 200-hour simple moving average (SMA) and thus intraday pullbacks towards these SMAs could provide further buying opportunities.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 7,566.16.

The projected lower bound is: 7,243.43.

The projected closing price is: 7,404.79.

Candlesticks

A white body occurred (because prices closed higher 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 27 white candles and 23 black candles for a net of 4 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 83.7054. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 12 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 59.15. 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 78 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 117.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 2 period(s) ago.

MACD

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 6.850 at 7,403.140. Volume was 39% above average (neutral) and Bollinger Bands were 44% narrower than normal.

Open     High      Low     Close     Volume___
7,396.2907,421.3007,384.9607,403.1401,054,213,376
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 7,320.57 7,286.40 7,314.49
Volatility: 12 14 13
Volume: 716,895,744 746,173,120 728,028,480

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.

Summary

FTSE 100 INDEX is currently 1.2% 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 20 periods.

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