FTSE 100 Climbs Above the 200 Day MA

Summary:
• FTSE 100 is trading higher for third consecutive session, getting a hand from the CBI Industrial Trends Survey - Orders (MoM) which came in at -13

FTSE 100 started the session higher for third consecutive session, getting a hand from the CBI Industrial Trends Survey – Orders (MoM) which came in at -13 topping expectations of -2 in August. GBPUSD is under pressure today breaking below 1.21 mark. Wall Street and Asian indices also ended higher as sentiment around US-China trade talks improve.

FTSE 100 getting a boost from Sainsbury plc +2.65%, Antofagasta +2.40% 3i Group +2.31%. On the other hand Kingfisher is – 2.29% and United Utilities is -1.38% lower.

On the technical side FTSE 100 rebounds from four month lows as the short term outlook has turned bearish, but manages to reclaim today the 200 day moving average.  On the downside immediate support stands at 7,189 today’s low, while a break below will open the way for a test of 7,060 low from August 16^th. Long positions will face resistance at 7,381 the 100 day moving average while more offers will emerge at 7,423 the 50 day moving average.

European indices also trading higher, with DAX 30 adding 0.11% to 11,730 while the CAC 40 in Paris trading 0.29% higher at 5,387.

In Wall Street, the Dow Jones futures trading 0.10% higher at 26,145, the S&P 500 futures are 0.16% higher at 2,928 while the Nasdaq futures are 0.22% higher at 7,744 signaling a positive start for equities in the other side of the Atlantic.