. FTSE 100 News & Price Technical Analysis - 05 December 2022

FTSE 100 News & Price Technical Analysis – 05 December 2022

05 Dec 2022

UK’s FTSE 100 edges lower; PMI data awaited

The export-oriented FTSE 100 edged lower on Monday, with energy stocks leading losses, while investors were on the edge ahead of business activity data for the month of November.

The blue-chip FTSE 100 fell 0.08% at 0812 GMT.

The top losers on the FTSE 100 were banks (. FTNMX301010), which fell 0.6%, while energy stocks (. FTNMX601010) lost 0.4%.

Miners (. FTNMX551030) added 0.3%, tracking base and precious metals prices that rose as the easing of COVID-19 restrictions in top consumer China boosted sentiment. METL/

Britain’s Vodafone Group (VOD.L) rose 2.0% after the mobile operator said Chief Executive Nick Read would step down at the end of this year and be replaced on an interim basis by finance chief, Margherita Della Valle.

Meanwhile, the mid-cap FTSE 250 fell 0.1%.

FTSE INDEX TECHNICAL ANALYSIS

DAILY CHART:

In daily chart FTSE 100 is currently trading in up channel.

FTSE 100 is currently trading above all SMA

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

FTSE 100 immediate resistance is at 7629.2 & its immediate support level is at 7549.7

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.

TRADE SUGGESTION-BUY AT 7579.2, TARGET AT 7627,5, SL AT 7509.8