FTSE 100 NEWS AND PRICE TECHNICAL ANALYSIS – 13 FEBRUARY 2023
13 Feb 2023
FTSE continues to rise, while housebuilders take a knock from broker notes
The top-flight index was up 0.3% at 7,908.58.
Russ Mould, investment director at AJ Bell, said: “The FTSE 100 defied weak markets in Asia overnight and selling on Wall Street on Friday to trade higher on Monday morning as investors await key US and UK inflation data later this week.
“Back above the 7,900 mark and within striking distance of its recent all-time highs the index continues to build on its gains of recent months, but the confidence that remains is about as fragile as a fine China cup.
“For the time being investors have largely been happy to ride out shocks like unexpectedly strong economic data from the US, good news which could turn out to be bad if it caused the Fed to go back on the offensive with interest rates, however a renewed uptick in prices on both sides of the Atlantic could shatter sentiment.
“The expectation is inflation will have eased slightly when the US and UK report tomorrow and Wednesday respectively.”
FTSE 100 – Risers
Weir Group (WEIR) 1,841.50p 2.31%
Spirax-Sarco Engineering (SPX) 11,855.00p 2.02%
Unilever (LON: ULVR) 4,213.00p 1.95%
Smith’s Group (LON: SMIN) 1,783.50p 1.94%
BAE Systems (LON: BAES) (BA.) 864.20p 1.69%
Coca-Cola (NYSE: KO) HBC AG (CDI) (CCH) 1,942.00p 1.68%
British American Tobacco (LON: BATS 3,095.50p 1.66%
National Grid (LON:NG.) 1,049.00p 1.40%
Rolls-Royce Holdings (LON: RR.) 108.84p 1.27%
Ashtead Group (LON: AHT) 5,618.00p 1.15%
FTSE 100 TECHNICAL ANALYSIS
DAILY CHART:
FTSE 100 is currently trading in up channel.
FTSE 100 is currently trading above SMA.
RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
FTSE 100 immediate resistance is at 7918.5 & its immediate support level is 7865.6
HOW TO TRADE FTSE 100 IN THIS WEEK
FTSE 100 is trading in up channel; it will continue to trade upside until any reversal so, remain bullish on it.