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UK FTSE All Share (.FTAS) touching one-week lows

UK FTSE All Share (.FTAS) touching one-week lows

Britain’s top share index slid onThursday, touching a one-week low as shares in heavyweightcyclicals dropped, though Rolls-Royce was a standout gainerafter its results.

The blue chip FTSE 100 .FTSE index ended the session down1 percent at 7,575.93 points, accelerating losses after the Bank of England raised interest rates as expected.

Earlier, the UK’s central bank – The Bank of England (BoE) –  hiked interest rates to 0.75%, and the pound initially jumped, but the rally in sterling was shortived.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 4,253.50.

The projected lower bound is: 4,073.09.

The projected closing price is: 4,163.30.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 28.6027. This is not an overbought or oversold reading. The last signal was a sell 16 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 42.34. 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 sell 50 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 -193.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 1 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 sell 0 period(s) ago.

Rex Takasugi – TD Profile

FTSE-A ALL SHARE closed down -43.080 at 4,165.550. Volume was 14% above average (neutral) and Bollinger Bands were 54% narrower than normal.

Open High Low Close Volume___
4,208.6304,208.6704,155.0504,165.550 150,935,328

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 4,218.28 4,213.80 4,114.37
Volatility: 11 14 13
Volume: 121,529,976 133,428,992 130,058,192

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-A ALL SHARE is currently 1.2% 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 volume flowing into and out of .FTAS at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .FTAS and have had this outlook for the last 12 periods.