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.
