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FTSE 100 INCHES UP IN HOLIDAY-THINNED TRADE - Capital Street FX

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    • FTSE 100 INCHES UP IN HOLIDAY-THINNED TRADE
24-Dec
19:20 IST

FTSE 100 futures are currently trading at 7,576.8-higher by 0.16% 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 0.11% to 7,632.24 at the time of writing.

The benchmark index was flat today due to a lack of major drivers and also due to thin trading session ahead of a Christmas holiday break.

The FTSE 100, however, hovered near record-high as investor outlook on global economy remains positive due to the easing of two of the biggest risk to global growth: the US-China trade deal and uncertain exit for Britain from the EU.

The FTSE 250 midcap index rose 0.63% at the time of writing. The benchmark index was on track to post a fourth consecutive month of gains supported by optimism around a smooth Brexit after the UK PM won the general election.

Some the positive momentum was eased after the U.K. PM’s hard line on a trade agreement with the EU aroused fears of a chaotic Brexit.

Index component NMC Health which rose more than 30% on Monday after the UAE-based healthcare group announced it would launch an independent review of its books, was up 0.14% at the time of writing.

Homebuilders were trading slightly higher today. Taylor Wimpey and Barratt Developments rose 0.57% and 0.46% respectively at the time of writing.

The FTSE 100 is on track to register its best month since April 2018. The broad market index was also on course for its biggest yearly gain since 2016.

UK stock markets will close early today on account of Christmas Day Eve and will remain closed for tomorrow due to Christmas holiday.

On the technical front, the RSI is currently at 66.75% and suggests that the market can move in the upward direction. The current price is above the MA5. 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 7572. Take Profit at 7606. Stop Loss at 7555

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