UK
stocks rebounded on Thursday, heading for their highest close in over
six weeks, as markets shrugged off disappointing economic data in
China and were buoyed by speculation that policymakers will take
action to avert a global slowdown.The
FTSE 100 was up 0.3%
at
6,634 by midday - it has not closed above this level since 29
September when it settled at 6,646.6.RSI is managing to sustain above
50 level with positive bias, For upcoming session if index manages to
consolidate above 6600 level crossing of 6650 level it can show
upside movement till 6900 with the support of 6400.
 |
| Stock of the Day |
RECOMMENDATION
BUY
TARGET 1185
The primary trend of Smith & Nephew Plc is bullish and it's
consolidating near to resistance level crossing of the resistance can
show northward journey. Stock is trading with positive bias and
facing resistance from the trend line, crossing of it can test the
level of 1185. One can initiate long position in the stock above the
level of 1075 with the stop loss of 1035 for the target of 1185.
CHART FORMATION:-
Stock is showing consolidation and sustain at higher level with
positive bias.
It's 50 DMA has given the break out above it's 200 DMA which is
indicating strength in the stock.
 |
| Technical Chart |
INDICATORS:-
RSI is trading near to level of 70and showing consolidation, Breaching of the resistance level can manage to test further high.
In ADX, Positive DI is placed above negative which is indicating
strength for buying.
Macd & Signal line is about to give break out above Zero level
line which is indicating strength in the stock.
