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Buy FTSE 100 Calls  - Mining Stocks And Yellen Supporting Up-Move -

Jun, 07th 13:12

On Tuesday, the UK benchmark index continues to trade higher, with investors digesting Federal Reserve Chair Janet Yellen’s latest comments. Yellen gave a speech in Philadelphia overnight, in which she said the US was on track towards further rate hikes, although no indications were given on when this would happen. The Footsie closed the last session 63.77 points in the green, at 6273.40, as traders grew more confident that a US rate hike would be postponed following worse than expected jobs figures last week.

The commodity-heavy FTSE 100 index continues to benefit from a weaker U.S. dollar  following Friday’s disappointing jobs report. A lower dollar means commodities are cheaper for holders of other currencies. Noises from the U.S. about China reducing its excess steel capacity as part of a bilateral trade agreement are also helping support a surge in metals prices.

The jump in commodity prices managed to offset fears of Brexit that dragged down house builders on Monday, when a flurry of recent polls showing a lead for voters wanting to quit the EU, dragged the pound to a three-week low.

Mining stocks are currently topping the FTSE 100. Miners Anglo American, Rio Tinto, BHP Billiton, Antofagasta and Glencore all rallied between 5% and 11.1%. Among the top fallers, however, British housebuilding stocks Persimmon, Barratt Developments and Taylor Wimpey all fell by between 1.1 percent and 1.6 percent.

Today’s macroeconomic calendar includes a third estimate for the Eurozone’s first-quarter gross domestic product. Growth is expected to have been revised up to 0.5 percent quarter-on-quarter from 0.3%, but cut to 1.5% year-on-year from 1.6%.

While no blue-chip companies are scheduled to update investors on their recent performance this morning, Shell will hold its Capital Markets Day, which will mark the oil major’s first strategic update since it completed its merger with former peer – the smaller, London-listed BG Group.


Fig. FTSE100 D1 Technical Chart

The benchmark FTSE 100 opened marginally higher this session, currently settling at 6317.90. The index has witnessed an uptrend, proven by the green signal indicator arrow and the SAR band below the price line. The stochastic is approaching the overbought zone and %K line has arrived into the overbought zone far ahead of %D line, indicating that the buying force is still strong. RSI is as high as 61.45, suggesting a further climb to test the resistance at 6375.17.

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Buy Digital Call Option from 6225.95 to 6375.17 valid until 20:00 June 10, 2016

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