Green light for blue-chip rally

The FTSE100 trades fresh record highs into the new week, extending its recent uptrend channel to an impressive eight weeks.

Green light for blue-chip rally

Green light for a blue-chip rally.

The FTSE100 trades fresh record highs into the new week, extending its recent uptrend channel to an impressive eight weeks. The latest leg comes courtesy of a calming in US-China trade war rhetoric, which merely adds to the general positive momentum of late. Driving it higher are heavyweights, themselves benefiting from a recipe of positive drug news, refinancing, share buybacks, Asian exposure, high oil prices and a weak GBP. Contributors: FTSE +67pts, driven north mostly by AZN (drug approval), HSBC (bond sale, share buyback, Asia exposure), RDSB/BP (high oil, weak GBP, breakout momentum), DGE/ULVR (weak GBP), VOD (bounce), Miners (weak GBP, metals off lows despite stronger USD) and Banks (risk appetite). Offering extremely limited resistance are EVR (Russia sanctions, owners Abramovich’s UK visa woes), BATS (downtrend) and RB (profit taking). Technicals: The FTSE100 remains in a 8-week rising channel toward 4.5ry rising resistance at 7890”

 

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Categories: Analysis, News
Tags: FTSE 100

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