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FTSE 100 FALLS ON GLOBAL ECONOMIC WORRIES; BREXIT IN FOCUS - Capital Street FX

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    • FTSE 100 FALLS ON GLOBAL ECONOMIC WORRIES; BREXIT IN FOCUS
23-Jan
20:27 IST

FTSE 100 futures are currently trading at 6805-higher by 0.11% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the cash markets, FTSE 100 inched down 0.46% to 6869.85 at the time of writing. The benchmark pared earlier losses as traders sought safety in shares considered to be a better bet during times of economic uncertainty, including AstraZeneca, GlaxoSmithKline, and National Grid.

The midcap index FTSE 250 was down 0.48% at the time of writing.

U.K. stocks fell today as fresh concerns about slowing global economic growth weighed on oil and financial equities.

According to market sources, British trade minister Liam Fox will use the two-day trip to Davos to meet his counterparts from around the world to discuss rolling over existing EU trade agreements after Britain leaves the bloc.

Luxury brand Burberry fell earlier today on weak Christmas sales data but recovered all of its losses later in the session. High-end retailers across Europe have been hit by worries of a prolonged Sino-U.S. trade war could hit Chinese demand.

The heavyweight miner Antofagasta PLC fell by 0.60%, despite predicting that 2019 will be a record yearGold miner Fresnillo PLC also fell by 1.10%.

Oil majors Shell and BP fell as crude oil prices flirted with the negative territory in choppy trading.

On the other hand, U.K. listed supermarkets were up on Wednesday. Tesco PLC gained just over 1%, Wm. Morrison Supermarkets PLC rose by 2.05% and J Sainsbury PLC gained 3%.

On the economic front, the CBI Industrial Trends Orders for January released earlier today came in at -1. The index change was below the market expectation.

On the technical front, the RSI is currently at 50% and suggests that the market can continue trading sideways. 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 6815. Take Profit at 6780. Stop Loss at 6835

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