The FTSE 100 is opening unchanged today as investors await a meeting of US and Chinese leaders at the G20 summit, and with global trade concerns back at the forefront. The blue chip index closed up 30 points at 7039 on Thursday. Looking ahead, the UK corporate calendar only has full-year results from payment network provider Earthport, while the economic events calendar has UK Nationwide housing prices readings at 0700 GMT. Additionally, traders are patiently awaiting any development from Argentina, as a two-day G20 summit is set to open today, with global trade concerns, Russia-Ukraine tensions, and the fallout from the murder of Saudi dissident Khashoggi all likely to feature.
The Footsie closed yesterday slightly higher at 7039 but prices are still stuck for almost two weeks now within the same tight trading range. From a technical perspective today, things look quite positive, with prices trading above the short term moving averages and the RSI looking bullish. But although the index is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Support: 6955 / 6850
Resistance: 7080 / 7188