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FTSE 100 FALLS AMID CORONAVIRUS FEARS; HOUSE PRICE OUTPERFORMS - Capital Street FX

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    • FTSE 100 FALLS AMID CORONAVIRUS FEARS; HOUSE PRICE OUTPERFORMS
07-Feb
18:50 IST

FTSE 100 futures are currently trading at 7,389.3-lower by 0.79% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the FTSE 100 lost 0.66% to 7,455.36 at the time of writing.

The broad-market index dropped today as investors booked profits after four consecutive sessions of gains amid lingering worries over the coronavirus.

The coronavirus has killed more than 600 people so far.

Stocks of index component Hargreaves Lansdown dropped 3.56% after a discounted share sale by its largest investor.

Burberry lost 1.56% after it said the China-linked virus was affecting luxury demand in key markets and withdrew its forecast as a result.

Better-than-expected U.S. economic data and reports that a drug had been developed to combat the virus, helped to prop up global markets this week.

Stocks of most of the financial companies and miners underperformed today.

Index component Admiral inched down 0.35% despite forecasting higher annual profit.

Vodafone rose 2.33% after Jefferies upgraded its rating and raised the price target on the telecom firm’s share.

Homebuilders were trading mostly lower on Friday. Taylor Wimpey and Barratt Developments fell 0.86% and 0.90% respectively at the time of writing.

The broad-market index is on track for its biggest gain in seven weeks. London’s main index has gained about 3% so far this week.

The FTSE 250 midcap index lost 0.62% at the time of writing.

On the economic front, Halifax House Price Index (YoY) for January released earlier today came in at 4.1%. The index change was above the market expectation of 3.0%.

On the technical front, the RSI is currently at 47.29% and suggests that the market can move in the downward direction. The current price is below the MA20. The current price is below the middle line of the Bollinger bands and is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Sell at 7397. Take Profit at 7362. Stop Loss at 7415

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