FTSE 100 Consolidates at Three-Week Highs

FTSE 100 started higher the day, but after the first hour of trading turn 0.05% lower at 7,392. Chinese officials said today that China and US has reached a consensus on resolving some important trade issues. On the macro front the United Kingdom BBA Mortgage Approvals declined to 41.219K in October from the previous reading of 42.31K. In the latest poll from Kantar, Conservatives lead with 43% while Labour party captures the 32%.

Wall Street indices finished higher yesterday with S&P and Nasdaq registering fresh all-time highs, while today the Asian benchmarks ended mixed with the Nikkei adding 0.35% at 23,373.

Later today we expect data from US consumer confidence for the November and new-home sales for October.

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FTSE 100 Technical Levels to Watch

FTSE today stopped at 7,421 just shy of the three-week highs and retreated to negative territory. Bulls are in control of the index and now are targeting for a close above the daily top before an attempt to monthly highs at 7,430. In case we have any positive Brexit news the FTSE will make an attempt to yearly highs at 7,727.

On the downside, FTSE 100 will meet intraday support at 7,385 the daily, while if that level breached the next support comes at 7.314 the 100-day moving average. November’s 1st low at 7,246 is the next critical support point.More content