FTSE 100 makes a bright start
Gains in Asian markets have supported the FTSE 100’s robust start to the week.
London’s lead index increased 28.08 points, or 0.36%, to 7,782.70 at 8:15 a.m.
Curry’s’ share price increased by 4.7% after the electrical retailer increased its profit forecast for the fiscal year 2023 to a range of £110-120 million (up from £104 million before), with full-year adjusted EBIT in the UK & Ireland likely to rise by more than 40% year-over-year.
Curry’s reported that UK&I trading had exceeded expectations, particularly in the last two months of the year.
Curry’s announced that it has renegotiated the fixed charge cover clause on its £500 million revolving credit facility and that net debt would be at the low end of previous projections.
Liberum characterised the update as “better than expected” and raised its adjusted group pre-tax profit prediction for the financial year 2023 by c.9% to £110 million, which is the low end of the newly advised range.
The Footsie is still up 19 points, echoing increases around Europe, albeit being off earlier highs.
Hargreaves Lansdown’s Susannah Streeter, who is the head of money and markets, observed that “European indices have edged up on the open, with the FTSE 100 given a leg up after the dollar has strengthened, making the overseas earnings of multinational listings worth more.”
Despite lingering apprehension around the US debt ceiling discussions, the FTSE 100 is anticipated to have a strong start to the week.
FTSE 100 TECHNICAL ANALYSIS DAILY CHART:
FTSE 100 is currently trading in down channel.
FTSE 100 is currently trading above 5&50 SMA.
RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
Immediate resistance is at 7798.9 & its immediate support level is 7751.6
HOW TO TRADE FTSE 100 IN THIS WEEK
The price of the FTSE 100 has since reversed to the upside following a correction, and it is currently trading at a significant resistance level. If this level is broken, further upside may be expected.