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UK FTSE 100 (.FTSE) shares rises as coronavirus-related deaths slow

UK FTSE 100 (.FTSE) shares rises as coronavirus-related deaths slow

UK shares gained on Monday as investors cheered signs of slowing coronavirus-related deaths in the hotspots of western Europe.

The blue-chip FTSE 100 gained 2.9% by 0812 GMT, but was still underperforming its European peers, weighed down by news that Prime Minister Boris Johnson was in hospital due to persistent symptoms, 10 days after testing positive for the virus.

The domestically focused midcaps gained 3.4%.

Stock markets globally were on steadier grounds after last week’s modest selloff as the rate of new infections and deaths slowed in Italy and Spain, while hard-hit New York reported on Sunday that deaths had fallen slightly from the day before.

Aero-engine maker Rolls-Royce rose 10.6% after revealing it had secured an additional 1.5 billion pounds ($1.8 billion) revolving credit facility, but said it was scrapping its targets and final dividend.

Legal & General Group surged 13.7%, recovering sharply from last week’s losses after the insurer said it planned to pay its 2019 dividend even after a European Union regulator said insurers should temporarily halt payouts. Healthcare company Novacyt rose 8.3% after its COVID-19 diagnostic test won French approval, making it available for immediate distribution in France.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 6,079.29.

The projected lower bound is: 5,012.31.

The projected closing price is: 5,545.80.

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 25 white candles and 25 black 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 33.8021. This is not an overbought or oversold reading. The last signal was a sell 5 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 44.18. 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 9 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 43. This is not a topping or bottoming area. The last signal was a buy 12 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 8 period(s) ago.

Rex Takasugi – TD Profile

FTSE 100 INDEX closed up 166.890 at 5,582.390. Volume was 23% above average (neutral) and Bollinger Bands were 18% wider than normal.

Open     High      Low     Close     Volume___
5,415.5005,590.5805,415.5005,582.3901,207,950,208
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 5,562.87 6,483.11 7,150.73
Volatility: 73 59 33
Volume: 1,478,078,976 1,239,822,208 842,212,416

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 21.9% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .FTSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .FTSE and have had this outlook for the last 49 periods.

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