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FTSE 100 INCHES UP AHEAD OF PARLIAMENTARY VOTE ON BREXIT DEAL - Capital Street FX

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    • FTSE 100 INCHES UP AHEAD OF PARLIAMENTARY VOTE ON BREXIT DEAL
19-Dec
18:30 IST

FTSE 100 futures are currently trading at 7,556.8-higher by 0.07% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the FTSE 100 added 0.28% to 7,561.66 at the time of writing.

The broad-market index was almost flat today as lack of major drivers led market participants to book some profits ahead of the Christmas holiday season.

The FTSE 100 has been closing in positive territory since the last five trading sessions supported by a breakthrough on a Sino-U.S. trade deal and a victory for the U.K. PM’s Conservative Party in the general election.

Investors are looking ahead to a parliamentary vote on Prime Minister Johnson’s Brexit deal on Friday.

Reports released earlier this week suggested that the U.K. PM will amend the Brexit bill, explicitly ruling out any extension to the transition period beyond the end of 2020.

The FTSE 250 midcap index lost 0.011% at the time of writing.

Stocks of homebuilders, retailers and banks were subdued today.

Index-component TUI dropped 2.45% after Berenberg lowered its rating on stocks of the tour operator.

The Bank of England kept its key interest rate unchanged at 0.75% on Thursday. The decision was in line with market expectation.

The broad-market index was on track to post a ninth month of gain of 2019.

On the data front, U.K Retail Sales (MoM) for November released earlier today came in at -0.6%. Sales change was below the consensus estimates of a rise of 0.3%.

On the technical front, the RSI is currently at 68.89% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 20% and suggests that the market can move in the upward direction.

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

 

Trade Suggestion- Limit Buy at 7551. Take Profit at 7585. Stop Loss at 7534

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