FTSE100 Focus – Channel hopping

FTSE100 Focus – Channel hopping

FTSE100 Focus – Channel hopping

Artjom Hatsaturjants, Research Analyst at Accendo Markets commented to clients around midday:

The FTSE100 is in positive territory, albeit off the highs of the day (7573), backtesting recent 7550 resistance for support. The pullback comes courtesy of the Pound trading off its lows (USD off highs, stronger UK PMI construction).

 

Contributors: FTSE +30pts, driven by Miners (USD off highs, helping commodities, better China Caixin PMI Manuf.), RDSb (heavyweight, oil still high, BP breakout), BATS (rebound), CCL (oil off highs). and CRH (share buyback). The biggest drag on the index is provided by ULVR (heavyweight, profit-taking), STAN (Q1 revenue disappointed) and PPB (Q1 results/cut guidance).

Technicals: The FTSE 100 remains in a 6/7-week rising channel, extending its recovery, but for the last week trades south of the midline. 2018 highs of 7800 remains within striking distance; 250 pts/3.3% away.”

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Categories: Analysis, News
Tags: FTSE 100

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