UK FTSE 100 (.FTSE) shares stumble as Brexit optimism fades

UK FTSE 100 (.FTSE) shares stumble as Brexit optimism fades

UK FTSE 100 (.FTSE) shares stumble as Brexit optimism fades

A turbulent day on London’s markets meant that FTSE-listed stocks and sterling took a hit yesterday after optimism about a Brexit deal had buoyed traders at the end of last week.

Companies exposed to the UK’s domestic economy were particularly affected as last week’s euphoria gave way to fears over whether a timely withdrawal deal could be made with the EU ahead of the 31 October deadline.

The FTSE 100 ended the day down 0.4 per cent, or 33.63 points, at 7,213.45. The FTSE 250, which contains a higher proportion of UK-focused companies, dropped 0.56 per cent to close at 19,929.90.

Technical Indicators

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 7,288.32.

The projected upper bound is: 7,387.58.

The projected lower bound is: 7,035.21.

The projected closing price is: 7,211.40.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 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 77.4890. This is not an overbought or oversold reading. The last signal was a buy 6 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 47.00. 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 48 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 -19. This is not a topping or bottoming area. The last signal was a buy 6 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 down -1.810 at 7,211.640. Volume was 54% above average (neutral) and Bollinger Bands were 9% wider than normal.

Open     High      Low     Close     Volume___
7,213.4507,242.3707,176.6707,211.6401,123,675,776
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 7,172.16 7,237.17 7,257.77
Volatility: 23 16 14
Volume: 790,916,864 747,311,808 719,731,008

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 0.6% 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 6 periods.

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