UK FTSE 100 (.FTSE) reaching new peaks on hopes that the US and China may sign a provisional trade deal this month to end the lengthy wrangling

UK FTSE 100 (.FTSE) reaching new peaks on hopes that the US and China may sign a provisional trade deal this month to end the lengthy wrangling

UK FTSE 100 (.FTSE) reaching new peaks on hopes that the US and China may sign a provisional trade deal this month to end the lengthy wrangling

FTSE 100 index closed up as US shares hit new record highs, including the Dow Jones Industrial Average.

Shares stateside are reaching new peaks on hopes that the US and China may sign a provisional trade deal this month to end the lengthy wrangling.

In London, Footsie closed up 67.27 points higher, or 0.92% at 7,369.69, with resource stocks, unsurprisingly, doing well, due to the easing trade situation.

Commodities giant Glencore (LON:GLEN) added 5.13% to 253.30p, while copper titan Rio Tinto (LON:RIO) added 3.35% to 4,307.50p.

The mid-cap FTSE 250 was also up, adding 65.05 points to close at 20,223.82.

Technical Indicators 

Overall, the bias in prices is: Upwards.

The projected upper bound is: 7,535.87.

The projected lower bound is: 7,214.50.

The projected closing price is: 7,375.18.

Candlesticks

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 27 white candles and 23 black candles for a net of 4 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 52.6675. This is not an overbought or oversold reading. The last signal was a sell 2 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 59.32. 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 62 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 110.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 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 9 period(s) ago.

Rex Takasugi – TD Profile

FTSE 100 INDEX closed up 67.270 at 7,369.690. Volume was 21% below average (neutral) and Bollinger Bands were 22% narrower than normal.

Open     High      Low     Close     Volume___
7,302.4207,392.7307,302.4207,369.690 582,159,424
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 7,301.48 7,261.52 7,285.72
Volatility: 12 14 14
Volume: 694,877,376 763,749,888 724,860,288

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 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 4 periods.

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