UK’s FTSE 100 nears 6-month high as Powell signals slower hikes
UK’s FTSE 100 index climbed towards a six-month high on Thursday, extending an impressive performance from last month, as investors seized on hints that the U.S. Federal Reserve will scale back the pace of its interest rate hikes.
The blue-chip index (.FTSE) edged up 0.2% by 0814 GMT, holding near its strongest level since June 8, although sluggish oil stocks (. FTNMX601010) limited further gains.
The domestically focussed FTSE 250 (.FTMC) jumped 1.2%.
FTSE 100 INDEX TECHNICAL ANALYSIS:
In daily chart FTSE 100 is currently trading in up channel
FTSE100 is currently trading above all SMA
RSI is in overbought zone which suggests bearishness and Stochastic is suggesting up trend.
FTSE 100 immediate resistance is at 7629.6 & its immediate support level is at 7575.4
HOW TO TRADE FTSE 100 INDEX IN THIS WEEK
FTSE 100 is moving in up channel; it will remain in up channel until any trend reversal. So, remain bullish on it.