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FTSE 100 RISES ON CHINA STIMULUS AND TRADE OPTIMISM - Capital Street FX

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    • FTSE 100 RISES ON CHINA STIMULUS AND TRADE OPTIMISM
02-Jan
19:05 IST

FTSE 100 futures are currently trading at 7,562.7-higher by 1.04% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the FTSE 100 added 0.99% to 7,617.26 at the time of writing. The benchmark index advanced today after two consecutive sessions of losses. All sectors were in the green at the time of writing.

The FTSE 100 rose on the second day of the year as the Chinese government’s decision to lower the amount of cash required to hold by banks provided stimulus.

In addition, the US president confirmed via tweet that phase one deal with China would be signed on January 15, 2020.

Mining stocks led gains, with BHP and Anglo American rising more than 1% each. The move came after policy action from the world’s top metals consumer.

The FTSE 250 midcap index rose 0.92% at the time of writing.

Oil prices also rose today with oil-major BP providing further support to the FTSE 100.

Homebuilders also outperformed today. Taylor Wimpey and Barratt Developments rose 1.63% and 0.79% respectively at the time of writing.

Trading volumes were low today due to the New Year holidays.

On the data front, UK Manufacturing PMI data for the December month released earlier today came in at 47.5. The PMI reading was slightly below the market expectation of 47.6.

On the technical front, the RSI is currently at 62.09% 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 7556. Take Profit at 7590. Stop Loss at 7539

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