Monday, October 29, 2018

FTSE100 - 29 October 2018


Fundamental Highlights

Stocks in London are set to open on firmer ground on Monday, following last week's sell-off, while traders eye Chancellor Philip Hammond's UK government budget. Focus in the UK will lie on Chancellor Phillip Hammond's Budget, due to be delivered to Parliament at 1530 GMT. Meanwhile, shares in HSBC were climbing in Hong Kong after the bank - which also is the second largest London-listed company by market capitalization - reported a rise in Q3 profit. And this is expected to lift the FTSE100 today. Moreover, mortgage approvals data from the UK is due later in the session.

Technical Analysis

The UK index fell to its lowest close since March 26th, recovering later in the session from heavy selling pressure. Prices are trading around 6960. The index is overall assessed as technically neutral for the medium long term. However for the short-term, the bullish action at the close of the trading session Friday should continue on pulling the index higher in the next few hours. The RSI looks mixed to bullish on the hourly chart.

Support: 6960 6865
Resistance: 7050 7114

Chart (H1)