Wednesday, 21 October 2015

UK Stock Market Overview Wednesday, October 21 2015


The UK Stock market declined on Tuesday as investors weighed remarks from the Bank of England's Ian McCafferty and US data.

McCafferty, who was the only member of the Monetary Policy Committed to vote for higher interest rates in the past three meetings, said that the BoE should begin raising rates now to ensure gradual and steady path.
The FTSE 100 ended the day in red by 8 points at 6345. In the day market, if cross the resistance level of 6450 on upside after consolidation, then it can test the level of 6550 and the immediate support level is 6300 .  

Stock to watch : BARCLAYS PLC
RECOMMENDATION SELL
TARGET 249



BARCLAYS PLC  is majorly showing strength for selling. If it breaks the support level then one can initiate selling position in the stock. If it breaks the level of 252 then it can test support level for the target of 249 with the stop loss of 255.

CHART FORMATION:-
Stock is trading in a range and trading near the trend line. Breaking the support line will lead to downside movement. Stock is trading below the 50 DMA with negative bias.



INDICATORS:-
RSI is trading near to 43 levels with negative bias, in upcoming session downside movement is expected.
MACD and Signal line is sustained below the zero level line.