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FTSE 100 LATEST NEWS & TECHNICAL ANALYSIS FORECAST – 30- JANUARY- 2023

FTSE 100 LATEST NEWS & TECHNICAL ANALYSIS FORECAST – 30- JANUARY- 2023

30 Jan 2023

UK stocks fall before C.Bank meetings, but Unilever rises after appointing a new CEO

European shares declined in early trading on Monday, with investors looking ahead to a Federal Reserve meeting and key economic data later this week.

The FTSE 100 in the U.K. dropped 0.28%.

UK stocks slipped on Monday as investors refrained from making risky bets ahead of key central bank decisions this week, while gains in Unilever limited losses on the FTSE 100 after the consumer goods giant announced a new chief executive officer.

Equities in Europe received a mixed handover from Asia.

Chinese stocks rose after markets in the country reopened following a week-long holiday. Traders bet that the economy received support from its first Lunar New Year festivities without COVID-19 restrictions in three years. State media reported that domestic travel and consumption had bounced back sharply in the past week.

The Chinese government also reiterated over the weekend that it plans to shore up spending and drive local consumption. Business activity data due out this week is expected to provide a further glimpse into how much China has benefited from the scaling back of anti-COVID measures.

However, broader Asian markets retreated as focus turns squarely to a Federal Reserve meeting this week. While the central bank is widely anticipated to raise interest rates by 25 basis points, its outlook on monetary policy will be closely watched, given that recent data painted a somewhat mixed picture of the world’s largest economy.

FTSE 100 TECHNICAL ANALYSIS

DAILY CHART:

FTSE 100 is currently trading in up channel.

FTSE 100 is currently trading above 20&50 SMA

RSI is in buying zone which suggests bullishness and Stochastic is suggesting down trend.

FTSE 100 immediate resistance is at 7768.8 & its immediate support level is 7719.1

HOW TO TRADE FTSE 100 IN THIS WEEK

FTSE 100 is trading in up channel; it will continue to trade upside until any trend reversal to down side so, remain bullish on it.

TRADE SUGGESTION-BUY AT 7775.2, TARGET AT 7837.4, SL AT 7719.5