UK FTSE 100 (.FTSE) pushes higher as markets rally on cooling global tensions
The global markets rallied again on Thursday as tensions between the US and Iran continued to soften.
Trading sentiment was increasingly bullish over the future for multinational stock after President Trump clarified on Wednesday evening that he wanted to avoid a full-on conflict.
London’s top flight closed 23.19 points higher at 7,598.12 at the end of trading on Thursday.
Connor Campbell, financial analyst at spreadex, said: “The market-wide gains come after the USA and Iran appeared to pull back from the brink, the latter’s missile attack on the former’s bases in Iraq seemingly enough retaliation for the assassination of Qassem Suleimani.
“It is, of course, far too early to say that is definitely the case – for now, however, the reduction in sabre-rattling from Donald Trump is enough for investors.”
The European markets also pushed higher as a result of subdued global political tensions
The German Dax increased by 0.71% while the French Cac moved 0.19% higher.
Across the Atlantic, the Dow Jones was also in high spirits, shooting higher as traders also kept an eye open for Friday’s US non-farm jobs report.
The price of oil also continued to tumble, making a slightly smaller loss than on Wednesday. Prices had surged higher at the start of the week when the political climate was much more hostile.
The price of a barrel of Brent crude oil fell 0.55% to 65.36 US dollars.
Technical Indicators
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 7,441.56.
The projected upper bound is: 7,757.99.
The projected lower bound is: 7,448.93.
The projected closing price is: 7,603.46.
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 31 white candles and 19 black candles for a net of 12 white candles.
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 55.8201. This is not an overbought or oversold reading. 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 61.65. 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 7 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 38. This is not a topping or bottoming area. The last signal was a sell 9 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 sell 3 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 23.190 at 7,598.120. Volume was 11% below average (neutral) and Bollinger Bands were 53% wider than normal.
Open High Low Close Volume___
7,574.9307,627.7607,574.9307,598.120 652,917,824
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,595.56 7,396.45 7,351.03
Volatility: 9 13 14
Volume: 423,255,168 685,048,192 717,965,632
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 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 14 periods.
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