FTSE100 Focus: Crude correction for the FTSE

The FTSE100, albeit higher for the day, looks set to close the week in the red, having given up most of its overnight bounce, to confirm a 3-day falling channel.

FTSE100 Focus: Crude correction for the FTSE

The FTSE100, albeit higher for the day, looks set to close the week in the red, having given up most of its overnight bounce, to confirm a 3-day falling channel.  Drivers include oil off its 3.5yr highs (OPEC/Russia to reverse production cuts?), hurting Energy names, while a stronger USD makes life hard for the Miners (both industrial metals and precious). Even a weak GBP is not helping after UK Q1 GDP confirmed weakest quarterly growth in 3 years and EU/UK Brexit talks became heated.

Contributors: FTSE +15pts, helped by HSBA/ULVR (buyback, rebound), BATS (weaker GBP, rebound), BT (interest in Openreach),  AZN (drug news), RB (momentum), PRU/KGF/ABF (rebound), CPG (breakout). Pushing back on the index are RDSB/BP (oil off highs), AAL/BLT (continued profit taking), VOD (giving up its bounce), LLOY (continued pullback).

Technicals: The FTSE100 is in a new 3-day falling channel.

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Categories: Analysis, News
Tags: FTSE 100

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