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FTSE 100 Approaching 7000.00 Support Zone Again

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    • FTSE 100 Approaching 7000.00 Support Zone Again – Value Buying Suggested
Oct, 24th 11:31

U.K stocks pared early gains on Monday after a set of upbeat European data reports confirmed that the mainland European economy is performing better than what economists had feared. This has led to mainland European stocks outperforming their U.K. counterpart.

Given negative pressure on British shares from rising gilt yields and the risk of a banking exodus if the U.K opts for a “hard” Brexit, the FTSE 100 index retreated despite gains in easyJet PLC.

The FTSE 100’s best performance today belonged to low-cost airline easyJet PLC. Shares of this company rallied 2.78% after being upgraded to buy from neutral at Swiss lender UBS, which said that easyJet’s stocks “have materially de-rated and we think [they] look attractive.”

Media shares also rose on Monday, with ITV PCE adding 2.25% and Sky PLC gaining 0.24%, supported by news from the US that the multinational telecommunications conglomerate AT&T had agreed to buy Time Warner for $85.4 billion. The takeover has raised the prospect of similar consolidation in Europe.

Thanks to rising metal prices, mining companies received a boost in the morning session. Copper mining company Antofagasta was up 2.4% and BHP Billiton added 1.9%, Rio Tinto PLC gained 0.77%.

On the losing side, pharma giants Shire and AstraZeneca topped the list of losers, down 1.42% and 1.27% respectively. Another market mover is the Royal Bank of Scotland PLC, which fell 1.0%, as the bank’s rating was downgraded to sell from hold.

Like the German Deutsche Bank, RBS is also in discussions with U.S. authorities related to a potential settlement over alleged mis-selling of mortgage-backed securities.

In general, at the time of writing, advancing issues outnumbered declining issues by 63:37 on the FTSE 100 index.


Fig: FTSE 100 D1 technical chart

FTSE 100 has been moving in a thin range around the 7000.00 threshold for more than a week. As we can see from the chart, prices are being supported by the short-term DMA20 placed below the price action, which consistently boosted the index higher last week. With the RSI indicator remaining in the bullish zone, FTSE is expected to reverse higher if and when it tests the 7000.00 support again.

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