. Daily Index Analysis - FTSE 100 Rebounds with 0.4% Gain

Daily Index Analysis – FTSE 100 Rebounds with 0.4% Gain

Daily Index Analysis – FTSE 100 Rebounds with 0.4% Gain

07 Dec 2023

Introduction:

In the global indices market, Asian stocks dipped following Wall Street’s overnight losses. Meanwhile, European markets rebounded on Wednesday after a week of mixed trading. In the U.S., stocks retreated for the third consecutive day, influenced by concerns over falling inflation and the upcoming jobs report.

Market In Focus for today – FTSE 100

On Wednesday, European markets concluded with gains, recovering from the varied trading patterns observed earlier in the week. The U.K.’s FTSE 100 was up 0.4%.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 7500.93 | Negative Crossover | Bearish
  • MA 20: 7489.04 | Positive Crossover | Bullish
  • MA 50: 7472.63 | Positive Crossover | Bullish

Simple:

  • MA 5: 7497.68 | Negative Crossover | Bearish
  • MA 20: 7480.88| Positive Crossover | Bullish
  • MA 50: 7474.33 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.45| Buy Zone| Bullish


Stochastic Oscillator: 53.62 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 7513.4 | R2: 7637.0
  • S1: 7431.6| S2: 7323.1


Overall Sentiment: Bullish | Market Direction: Buy


Trade Suggestion: Stop Buy: 7534.3 | Take Profit: 7637.0| Stop Loss: 7475.3.