European stocks edge higher; trading thin ahead of holiday break

European stock markets edged higher Friday in thin holiday-affected volumes, with investors digesting the release of more regional growth and inflation data.

 The FTSE 100 in the U.K. climbed 0.1%, 

Economic data released this week has helped the European markets approach the close of the year with a degree of optimism that the recession expected for the region in 2023 may not be as bad as first feared.

That said, factory gate prices out of France, the Eurozone’s second-largest economy, rose a hefty 1.2% in November, ahead of the drop of 0.2% expected, indicating the difficulties the European Central Bank will have controlling inflation in the region.

The Spanish economy only grew 0.1% in the third quarter, below the 0.2% expected, but the country’s GDP grew 2.0% the previous quarter, having been revised higher.

FTSE 100 TECHNICAL ANALYSIS

DAILY CHART:

FTSE 100 is currently trading in up channel.

FTSE 100 is currently trading above 5&50 SMA

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

FTSE 100 immediate resistance is at 7491.1 & its immediate support level is 7413.5

HOW TO TRADE FTSE 100 INDEX IN THIS WEEK

FTSE 100 is trading in up channel; it will continue to trade upside, so remain bullish on it.

TRADE SUGGESTION-BUY AT 7470.2, TARGET AT 7511.2, SL AT 7434.5