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FTSE 100 INCHES UP AS U.S-IRAN TENSIONS EASE - Capital Street FX

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    • FTSE 100 INCHES UP AS U.S-IRAN TENSIONS EASE
07-Jan
19:13 IST

FTSE 100 futures are currently trading at 7,524.7-lower by 0.03% as compared to the previous closing.

In the Cash Markets, the FTSE 100 added 0.20% to 7,590.50 at the time of writing.

The benchmark index traded higher on Tuesday as an easing of concerns over U.S-Iran tensions supported the investor’s sentiment. Banks and retailers were the top performers today.

Domestic shares rose today after a report that British emergency preparations for a no-deal Brexit were halted.

The rise in the benchmark index was also supported by British retailer Mark & Spencer which rose 4%. Telecommunication giant Nokia advanced by more than 3%.

According to market sources, U.K’s emergency preparations for a no-deal Brexit have been stopped with immediate effect as the PM’s deal to leave the bloc is expected to be approved by lawmakers.

The news lifted stocks of homebuilders, which are considered among the most vulnerable to a no-deal Brexit. Taylor Wimpey and Barratt Developments rose 0.41% and 1.87% respectively at the time of writing.

Retailers outperformed today, as better-than-expected sales by Morrisons helped in removing concerns of dismal trading updates for the key holiday period.

Other top gainers in the FTSE 100 include- Kingfisher (up 2.81%), Sainsbury’s (up 1.50%) and Associated British Foods (up 2.60%) at the time of writing.

On the other hand, luxury carmaker Aston Martin shares plunged almost 8% after the release of profit warnings.

On the data front, Halifax House Price Index for December is scheduled to be released on Wednesday. The index is expected to drop by 0.2% on a month-on-month basis.

On the technical front, the RSI is currently at 58.67% and suggests that the market can continue trading sideways. The current price is above the MA20. The current price is above the middle line of the Bollinger bands and is heading upwards.

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

 

Trade Suggestion- Limit Buy at 7520. Take Profit at 7554. Stop Loss at 7503

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