Friday, 22 August 2014

United Kingdom stock market overview

London's blue chips ended Thursday's session on a positive note, led by 
Astrazeneca. Increased speculation regarding ECB action, on the heels 
of weaker than forecast readings on the Eurozone economy, were offset 
by a weak report on UK retail sales.
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After making gains both early and late on, the FTSE 100 ultimately closed 
22 points higher at 6,778.
Technically ,FTSE 100 is managing to trade above 6700 level , it has opened 
gap up and showed consolidation through out the session in near future it 
can continue it's major trend  with this it can test the level of 6950.
RSI has manages to sustain above 50 level and given the break out of the 
resistance level at 60 which is indicating further bullishness in the index with 
this covergence  of both the 50 DMA & 200 DMA , indicating strength in the 
index near support at 6600 level.