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FTSE 100 futures are currently trading at 7,442.2-higher by 0.58% as compared to the previous closing. The contract has been closing in the positive territory since the last four trading sessions.
In the Cash Markets, the FTSE 100 added 0.57% to 7,445.30 at the time of writing. The broad-market index today was tracking its fourth consecutive session of gains after the U.S. President said China and the U.S. were close to a phase one trade deal.
The benchmark index earlier today touched its highest level in more than eight weeks.
Miners and Asia-focussed HSBC rose on the prospect of an initial Sino-U.S. trade deal. Miners Rio Tinto gained 0.33%, Glencore added 0.22% and BHP rose 0.82% at the time of writing.
A weaker pound also supported exporters today. Blue-chip exporters Unilever and Reckitt Benckiser advanced 0.10% and 0.70% at the time of writing.
The market expects a victory for U.K. PM Johnson’s Conservative Party as the most likely scenario for Brexit to be delivered by the 31st January deadline.
The market sentiment was lifted after the U.S. President’s comments on trade following a telephonic conversation between Chinese and U.S. trade officials.
Homebuilders were trading mixed at the time of writing. Taylor Wimpey lost 0.42% while Barratt Developments was up 1.41%.
The midcap index FTSE 250 was up 0.30% at the time of writing.
On the economic front, U.K. Nationwide HPI for November is scheduled to be released on Thursday. The HPI is expected to rise by 0.1% on a month-on-month basis.
On the technical front, the RSI is currently at 64.66% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band 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 7438. Take Profit at 7470. Stop Loss at 7422