UK FTSE 100 (.FTSE) UK Services PMI marks worst month since Brexit referendum
FTSE 100 closed higher while Wall Street shares gained on Wednesday as Brexit rumblings continued.
Among top risers on Footsie were big housebuilders on hopes of a ‘softer’ UK departure from the EU. Taylor Wimpey (LON:TW.) was top dog, adding 4.35% to 187.05. Persimmon (LON: PSN) gained 3.65% to stand at 2,241p.
Footsie gained around 27 points at 7,418, while FTSE 250 added 234 points at 19,563.
Prime Minister Theresa May is due to meet opposition leader Jeremy Corbyn for Brexit crisis talks.
It came as elsewhere, European benchmarks hit a six month high.
“Stronger-than-expected services PMI reports from China and the eurozone, along with optimism surrounding US-Chain trade talks boosted sentiment. The services industry reports from the euro-area helped shake-off the negative image of the currency bloc,” said David Madden, analyst at CMC Markets UK.
On Wall Street, the Dow Jones Industrial Average added nearly 75 at 26,248, while the S&P 500 is up around 15 at 2,881.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 7,126.61.
The projected upper bound is: 7,580.49.
The projected lower bound is: 7,279.09.
The projected closing price is: 7,429.79.
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 32 white candles and 18 black candles for a net of 14 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 92.8734. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 4 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 67.54. 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 109 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 149.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 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 1 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 27.160 at 7,418.280. Volume was 22% above average (neutral) and Bollinger Bands were 1% narrower 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: 7,277.13 7,149.77 7,221.85
Volatility: 16 13 16
Volume: 717,430,144 722,204,864 767,631,168
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 2.7% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .FTSE (mildly bullish). Our trend forecasting oscillators are currently bullish on .FTSE and have had this outlook for the last 1 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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