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Ftse may post gains for the fifth consecutive week

FXStreet (Mumbai) - The London’s Ftse advanced today led by a rally in the oil stocks, thereby increasing the possibility of posting gains for the fifth consecutive week.

The Ftse traded 0.46% higher at 6707 levels at the time of writing. The index breadth is positive with an advance decline ratio of 79:20. The index is being pushed higher by the Oil and Gas sector, which is up 0.70%, while the Industrial metals and mining index gained 1%. Among the index stocks, Tullow Oil is the biggest gainer, up 2.79%, followed by CRH, up 2.5%. On the minus side are shares in Royal Mail, which have lost 2.12%. Other major losers include Centrica, Prudential, Reckitt Benckiser and Bunzl.

Moreover, oil stocks gained today tracking a recovery in the Brent Crude prices, which are up 0.4%. Brent Crude gained USD 1.23 yesterday as Venezuela reiterated its call for production cuts. Crude prices were also supported by the release of some upbeat data in the US, which showed a regional private sector activity at a 21-year high.

Ftse Technical Levels

The index has an immediate resistance located at 6722, above which prices may rise to 6748 (Sep. 16 low). Meanwhile, support is seen at 6689 and 6655 levels.

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