Oil makes FTSE too slippery to hold back

The FTSE100 is gaining ground today (even after ex-dividends), bouncing off 7-week rising support, keeping the uptrend alive.

Oil makes FTSE too slippery to hold back

Oil makes FTSE too slippery to hold back

The FTSE100 is gaining ground today (even after ex-dividends), bouncing off 7-week rising support, keeping the uptrend alive. Drivers include rising oil flirting with $80/barrel, in spite of stronger USD, and corresponding GBP weakness. Geopolitical jitters (US-China trade talks, Italian coalition negotiations, NK summit) are failing to faze investors who have grown a thicker skin in light of the events of last few years.

Contributors: FTSE +15pts; aided mainly by Energy (high oil prices), EXPN/NG (results) and AZN/GSK (sector momentum, AZN results tomorrow)Holding it back are HSBC (ex-div), Miners (profit taking), VOD (negative momentum on CEO change) and RMG (FY results, guidance).

Technicals: The FTSE100 maintains its recent uptrend. Rising support at 7715 (8-day rising lows) and 7705 (7-week rising lows); Resistance at 7760 (yesterday’s highs), 7780 (8-day rising highs) and then 7800 (Jan highs).”

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Categories: Analysis, News
Tags: FTSE 100

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