UK FTSE 100 (.FTSE) stock index has hit an 11-month high today
The UK’s FTSE 100 stock index has hit an 11-month high today, boosted by the growing chances of interest rate cuts, a falling pound, and hopes of a resolution to the US-China trade war.
Meanwhile the pound has fallen to its lowest level against the dollar since April 2017 as Brexit uncertainty continues to hang over the UK economy.
The FTSE 100, which tracks the UK’s biggest companies, had risen 0.8 per cent before midday UK time to 7,617.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 7,339.50.
The projected upper bound is: 7,749.20.
The projected lower bound is: 7,475.41.
The projected closing price is: 7,612.31.
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 28 white candles and 22 black candles for a net of 6 white candles.
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 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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 91.4703. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 14 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 73.55. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 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 237.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 18 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 50.130 at 7,609.320. Volume was 4% below average (neutral) and Bollinger Bands were 1% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,458.14 7,346.98 7,158.06
Volatility: 8 12 15
Volume: 746,552,576 731,037,696 758,473,408
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.
FTSE 100 INDEX is currently 6.3% above its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on .FTSE and have had this outlook for the last 16 periods. Our momentum oscillator is currently indicating that .FTSE is currently in an overbought condition.