12 Jan 2015
FTSE gains strength despite sliding oil prices
FXStreet (Mumbai) - The London’s Ftse index advanced today to trade near the 100-DMA level at 6544 after the investment bank Credit Suisse upgraded Cruise operator Carnival and Engineering company GKN.
The index currently trades 0.59% higher at 6539.80, compared to the previous session’s close at 6501.14. The index breadth is positive with an advance-decline ratio of 76:27. The shares in GKN rose 3.69% after Credit Suisse raised its price target for the stock to 410 pence from 380 pence and reiterated its "outperform" rating. Mondi and Carnival gained 2.5% each.
Meanwhile, on the losing side are shares in Petrofac; down 3.97%, followed by a 2.4% loss in SSE and Standard Chartered. Moreover, Oil stocks continued to weaken today as oil prices hover at their lowest since April 2009 after Goldman Sachs announced a cut in short term forecasts.
FTSE Technical Levels
The immediate resistance is seen at 6544 (100-DMA), above which the gains could be extended to 6577 (50-DMA). Meanwhile, support is seen at 6504 (5-DMA) and 6470 levels.
The index currently trades 0.59% higher at 6539.80, compared to the previous session’s close at 6501.14. The index breadth is positive with an advance-decline ratio of 76:27. The shares in GKN rose 3.69% after Credit Suisse raised its price target for the stock to 410 pence from 380 pence and reiterated its "outperform" rating. Mondi and Carnival gained 2.5% each.
Meanwhile, on the losing side are shares in Petrofac; down 3.97%, followed by a 2.4% loss in SSE and Standard Chartered. Moreover, Oil stocks continued to weaken today as oil prices hover at their lowest since April 2009 after Goldman Sachs announced a cut in short term forecasts.
FTSE Technical Levels
The immediate resistance is seen at 6544 (100-DMA), above which the gains could be extended to 6577 (50-DMA). Meanwhile, support is seen at 6504 (5-DMA) and 6470 levels.