Wed, Nov 30, 2022 @ 13:23 GMT
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Foreign Exchange Market Commentary: FTSE 100

The FTSE 100 closed lower on Friday, down 34 points or 0.47%, at 7,452.91, anyway positive for the week, amid Pound weakness. On the last day of the week, the sour tone of its European counterparts weighed on the index, alongside with falling oil prices that set the energy sector lower. G4S led decliners with a 3.17% loss, followed by Micro Focus International that close down 2.53%. Shire was the best performer, adding 1.86%, followed by ConvaTec that gained 1.66%. From a technical point of view, the daily chart shows that the index held above its 20 and 100 DMAs, both lacking directional strength around 7,390, while technical indicators turned south within positive territory, not enough to confirm a bearish extension ahead. In the 4 hours chart, the index closed a few points above its 200 SMA while the 20 SMA heads higher below the current level, providing a dynamic support around 7,434 and as technical indicators head higher, also limiting chances of a steeper decline.

Support levels: 7,434 7,390 7,351

Resistance levels: 7,482 7,518 7,561

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