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FTSE 100 FALLS BELOW MA5 AS OIL, MINERS LEAD DECLINES - Capital Street FX

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    • FTSE 100 FALLS BELOW MA5 AS OIL, MINERS LEAD DECLINES
24-Apr
19:03 IST

FTSE 100 futures are currently trading at 7410-lower by 0.56% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the cash markets, the blue-chip share index inched down 0.63% to 7,476.02 at the time of writing. The broad-market index inched down today as oil majors declined amid signs that global markets remain adequately supplied, while miners were hit by concerns China will reduce its economic stimulus.

The midcap index FTSE 250 was up 0.10% at the time of writing.

Index-member BP fell from multi-month highs as oil prices dropped after hitting their 2019 highs this week. The oil major was on track for its largest one-day fall in over a month.

Mining stocks dropped 1.4% as the price of industrial metals fell in Shanghai. The concern is growing that China, the world’s largest metals consumer, will reduce its economic stimulus efforts thereby decreasing demand.

Anglo American was among the top index-losers, falling 2.77% after JP Morgan slashed its rating on the share. The company will report its results on Thursday.

Sainsbury’s fell 2.26% at the time of writing. The British competition regulator will publish its final report on the company’s planned takeover of Walmart-owned rival Asda on Thursday.

Direct Line inched down 0.41% after JP Morgan lowered its rating to neutral from overweight.

Financial shares exposed to Asia including HSBC, Prudential and Standard Chartered were also trading in negative territory at the time of writing.

Antofagasta fell 1.81% despite posting a 22.6% rise in first-quarter copper production and maintaining its full-year output outlook.

Index-component Barclays (fell 0.77%) will release its results on Thursday.

On the other hand, Associated British Foods advanced 1.76% after its first-half result indicated profit at its Primark chain rose due to an expansion drive.

On the economic front, U.K. Public Sector Net Borrowing for March released earlier today came in at 0.84B pounds. The markets, however, expected a fall of 0.80B pounds in the net borrowing. Borrowing for the previous month was revised to -0.51B from -0.66B pounds reported earlier.

On the technical front, the RSI is currently at 64.28% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but 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 7420. Take Profit at 7380. Stop Loss at 7440

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