FTSE was ending the day down -1.5%
- The FTSE met a similar fate, falling from 6762 in the future's peak to a low of 6536, ending the day down -1.5%.
- Markets are mixed in thin holiday trade, with mixed sentiment surrounding Sino/US relations and the health of the global economy.
We have seen wild moves in global stock prices, and with the Europeans coming back to a full day of trade, there was momentum on the price action on volume that saw heavy supply hitting the screens as US futures buckled. The FTSE 100 then dropped 1.5% to close at 6,584.68, having finished 0.5% down on Monday. A survey of company directors from the Institute of Directors did little to boost sentiment as the survey shows that business confidence in the British economy has declined to the lowest level since the EU referendum.
FTSE best and worst
The FTSE ended the day lower with resource companies swallow a pill of China's economic weakness and falling oil prices. Miners were knocked down with China’s industrial profit falling for the first time in nearly three years in November. Subsequently, oil, pharmaceuticals and telecommunications were offered on Thursday. BP PLC dropped 2.6%, AstraZeneca PLCfell by about 4% and BT Group PLC lost over 2.2%. Rio Tinto PLC fell 1.7%, and Anglo American PLC ended 1.4% lower.
The index remains submerged below the 50% Fibo of the 2016 bull trend with a low, (6536), piercing the Monthly S1 located at 6557. Next target is the 61.8% fibo of 6413 and the 76.4% located at 6061. On the upside, an immediate target sits at the picot as being 6705. Beyond there, 6790 is R1, R2 6939 and R3 is at 7024.
- Support levels: 6536 6471 6322
- Resistance levels: 6705 6790 6939