FTSE 100 falls in the last session of 2022 as UK house prices mark the fourth month of decline
The FTSE 100 has begun a predictably quiet and shortened trading session on the back foot
FTSE 100 is down 0.45% in early deals
The FTSE 100 has begun a predictably quiet and shortened trading session by opening lower, falling 33 points or 0.45% to 7,479 in early deals.
Unsurprisingly there are little to no major news events among the blue-chip or mid-cap market segments, meanwhile, the commentary around the macro-economic environment continues to paint a pretty bleak picture – with fresh headlines in recent days of yet more energy price rises, updates on various strike actions, and, absurdist images of shoppers queuing for hours to buy a Youtuber’s flavored water drink.
Today, the Resolution Foundation think tank predicted 2023 will be a “groundhog year” in which the cost-of-living crisis is expected to deepen with lower pay, higher tax, and further soaring energy bills.
Living standards will get “far worse” before they get better, the think tank says, in a report, albeit it says that it believes inflation has already peaked but that won’t immediately mean prices will fall.
Elsewhere, with more concrete data the Nationwide Building Society`s monthly update to its House Price Index showed a 0.1% decline in the UK’s average house prices, marking the fourth consecutive month of decline.
FTSE TECHNICAL ANALYSIS
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 downtrend.
FTSE 100 immediate resistance is at 7499.6 & its immediate support level is 7465.8
HOW TO TRADE FTSE 100 IN THIS WEEK
FTSE 100 is trading in up channel; it will continue to trade upside any trend reversal so, remain bullish on it.