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FTSE 100 INCHES DOWN DESPITE U.S-CHINA TRADE HOPES - Capital Street FX

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    • FTSE 100 INCHES DOWN DESPITE U.S-CHINA TRADE HOPES
04-Dec
19:25 IST

FTSE 100 futures are currently trading at 7,162.3-lower by 0.31% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the FTSE 100 lost 0.10% to 7,151.28 at the time of writing. European stocks bounced back on Wednesday from a four –day slump.

The broad-market index shot higher today after the news that the China and US are working harder on an agreement for the phase one deal, even after the U.S president showed a little doubt on its progress made on Tuesday.

The news agency’s sources claimed that U.S. negotiators still expects a trade deal before 15 December

FTSE 100 gains were moderated due to the rise in the pound against the US dollar, which contemplated the earnings profits of U.K based multinational companies.

Among the FTSE 100 stock, ORA came out to be the worst performer. The shares of ORA fell by 4.70% at the time of writing after the company updated its short and medium-term goals.

Cineworld Group or CINE shot higher, rising nearly 7% at the time of writing after Jefferies analysts gave a buy recommendation.

Homebuilders also outperformed today. Taylor Wimpey and Barratt Developments rose 1.45% and 1.69% respectively at the time of writing.

The mid-cap FTSE 250 was up 0.41% at the time of writing.

On the data front, U.K composite PMI for the November month released earlier today came in at 49.3. The index reading was above the market expectation of 48.5.

On the economic front, FTSE 100 saw support after the market Eurozone November Services Purchasing managers index came in at 51.9. The index reading was above the consensus estimates of 51.5.

On the technical front, the RSI is currently at 35.63% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band 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 7167. Take Profit at 7133. Stop Loss at 7184

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