FTSE 100 Retreats as President Trump Signs Hong Kong Legislation

·Nov 28, 2019, 08:38 GMT

FTSE 100 opened lower the trading session after President Trump signed the legislation backing protesters in Hong Kong. Investors are getting confused as yesterday President Donald Trump said that US and China are close to signing a trade deal. On the macro front, France Consumer Confidence above came in at 106 topping expectations of 103 in November.

Wall Street indices finished higher yesterday ahead of the Thanksgiving holiday, while in Asia stocks indices ended lower with the Nikkei giving up 0.12% at 23,409.

Later today we expect economic sentiment data from the eurozone and German inflation figures.

FTSE Resistance and Support Levels to Watch

InvestingCube's S&R Levels

NAS100 (13226.7)

Not in Buy Zone

STOP

BUY

TP1

13309

TP2

13557

FTSE retreat today from recent highs giving up 0.50% at 7,392 but bulls are still in control. The FTSE index will meet intraday support at 7,385.3 the daily low, while a break below might accelerate the pressure to the next support at 7,312 the 100-day moving average. A break below that level will cancel the bullish momentum and more sellers will step in that might force the price down to 7,289 the 50-day moving average.

On the upside, FTSE will find minor resistance at 7,429 the daily top and then at 7,446 the from yesterday. If the FTSE index manages to break above that level the next target will be the August high at 7,610.