FTSE 100 Flat As Oil Slips

FTSE_100

In early trading Thursday, the FTSE 100 had been supported by oil stocks, such as BP and Shell, as the price of crude rose. However, Britain’s top share index gave up early gains to close flat, with companies such as National Grid (NG.L) and Marks & Spencer (MKS.L) falling after trading without the attraction of their latest dividend payouts(going ex-dividend), and energy firms falling on weaker oil prices, as OPEC failed to agree on any output ceiling. On the H1 chart, FTSE 100, ended the session 0.01% lower than the previous close, at 6185.61. RSI of 56.07 indicates an upward trend. The Stochastic shows that the index is in the overbought zone, however the %K line is still above the %D line proving that the price is expected to surge a little more before pulling back.

Trade suggestion

Sell limit at 6227.82, Stop loss at 6232.3, Take profit at 6202.18

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