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FTSE 100 FALLS BELOW MA5 BEFORE BREXIT TALKS RESUME - Capital Street FX

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    • FTSE 100 FALLS BELOW MA5 BEFORE BREXIT TALKS RESUME
16-Oct
19:06 IST

FTSE 100 futures are currently trading at 7157.3-lower by 0.26% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the cash markets, the blue-chip share index, whose components make two-thirds of their earnings abroad, lost 0.39% to 7,183.35 at the time of writing.

The broad-market index was almost unchanged today as gains in exporters were offset by a drop in housebuilders.

Housebuilder Barratt Developments fell earlier in the session after it pointed to signs of weakening future revenue. Other Homebuilders were trading mixed at the time of writing.

According to market sources, a draft deal was close to being sealed, which sparked a rally in firms more domestically exposed.

Meanwhile, European Union leaders on Thursday will begin a two-day meeting in Brussels to discuss Brexit.

Index component Next slipped 2.97% after its CEO sold more than 10 million pounds worth of stocks.

The FTSE 100 has gained more than 7% since the start of this year.

The midcap index FTSE 250 was down 0.20% at the time of writing.

Stocks of mining giants were trading in negative territory at the time of writing. Antofagasta and Anglo American lost 0.046% and 0.40% respectively at the time of writing.

Rio-Tinto was among the top losers on the index after it said it’s iron ore shipments rose 5%.

On the data front, U.K. CPI (YoY) for September released earlier today came in at 1.7%. The CPI change was below the market expectation of 1.8%.

On the technical front, the RSI is currently at 45.19% and suggests that the market can move in the downward direction. The current price is below the MA5. 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 7165. Take Profit at 7130. Stop Loss at 7183

 

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