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FTSE 100 Retreats From Monthly Highs, Positive Momentum Intact

FTSE 100 Retreats From Monthly Highs, Positive Momentum Intact
FTSE 100 Retreats From Monthly Highs, Positive Momentum Intact

FTSE 100 gives up 0.14% at 7,259 below the monthly highs as no-deal Brexit worries eased while Halifax House Prices (3m/YoY)came in at 1.8% below expectations of 3.4% in August. The monthly Halifax House Prices (month over month) came in at 0.3% topping expectations of 0.2% in August.

FTSE 100 getting a boost from Smurfit Kappa +2.54%, Berkeley Group +2.09%, Hargreaves plc +1.33% and Croda +1.32%. On the other hand, Centrica is -3.33% United Utilities is –3.19% and Severn Trent is -2.52% lower.

On the technical side FTSE 100 holds above the 50 day moving average today despite the slide yesterday and today as it digests the impressive rebound from four-month lows. The index facing the resistance at 7,310 weekly high and then at 7,358 the 100-day moving average which is critical for the FTSE’s moves in the upcoming trading sessions; a close above could open the way for 7,374 and the 200 day moving average. On the downside immediate support stands at 7,244 today’s low, while a break below will open the way for a test of 7,060 low from August 16th.

European indices also trading higher, with DAX 30 adding 0.28% to 12,160 while the CAC 40 in Paris trading 0.06% lower at 5,589, In Milan the FTSE MIB is giving up 0.06% at 21,940.

In Wall Street, the Dow Jones futures trading 0.28% higher at 26,775, the S&P 500 futures are 0.25% higher at 2,979 while the Nasdaq futures are 0.14% higher at 7,866 signaling a positive start for equities in the other side of the Atlantic.Don’t miss a beat! Follow us on Telegram and Twitter.

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