|UK Daily Hotline
20 October 2014 By S Gale, Analyst
| |UK Index Summary
| ||Close||Volume||1 day Change||P&F Trend||Stop|
||Bear ||2 Oct 2014 ||6950.00
||Bear ||8 Sep 2014 ||15350.00
|FTSE SmallCap Index
||Bear ||14 Apr 2014 ||4500.00
|FTSE All Share
||Bear ||23 Sep 2014 ||3680.00
|Closing prices through Tue Oct 21, 2014|The UK markets edge lower this morning
The FTSE 100 began to reverse its recent downmove from support at 6,100, having become oversold. Despite this morning's lack of continuation of the rally, our sell climax chart (see breadth section below) corroborates with our oversold readings, indicating a correction.
Our FTSE 100 Buy/Sell Climaxes
Breadth Indicator shows an very high reading of sell climaxes, indicating a likely oversold correction (bullish signal).
Sector finds support at the bottom of the range, having become oversold and remaining within a potential medium term base.
The Industrials Sector finds medium term support at 3,600 as it begins to correct from oversold.
We highlight GKN
as it finds medium term price and relative support at 285.
We show Hargreaves Lansdown as it finds medium term price and relative support at 850.
We highlight Ashtead Group as it unwinds into price and relative uptrends at its 200-day MA at 900.
We highlight DCC as it conslidates into medium term price and relative uptrends, having become oversold.
Chart of the day: BNZL
We highlight Bunzl
as it rallies from support at 1,540 on a new VAD high and makes a new relative high.
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