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Weak commodity shares trouble FTSE

FXStreet (Mumbai) - The UK equity index Ftse has been pressurized by Commodity and Oil sector companies, which are the biggest losers of the day.

The Ftse traded 0.07% lower at 6630.70 levels at the time of writing, compared to the previous day’s close of 6635.45 levels. The index breadth is positive with an advance decline ratio of 51:48 and one stock trading unchanged. The UK mining index is down 1.17%, , the biggest sectoral decliner, due to the weakness in Copper prices. Meanwhile, Oil and Gas index traded 0.35% lower as Brent Crude continues to trade near 4-year lows.

Among stocks, Agrekko, the world’s biggest temporary power provider, advanced 2.82% after the company said that underlying group revenue in the third quarter was 6% higher year-on-year. Meanwhile, Midcap Premier Farnell tanked 9% after warning full-year operating margins would be slightly below prior year levels.

Moreover, the index is up more than 500 points since Oct 16 and appears due for a technical correction.

Ftse Technical Levels

The index has an immediate support at 6612, under which prices can fall to 6588 levels. Meanwhile, resistance is seen at 6645 and 6664 levels.

Macro data vs Energy stocks – DB

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