London
stocks gains after pharma and beverage stocks ended in positive note.
In Economic data on Thursday, UK trade balance registered an
unexpectedly large improvement at the start of the year. The deficit
on sales of goods overseas shrank to £8.4bn in January from a
revised £9.9bn, better than the £9.7bn consensus forecast.
Meanwhile, Eurozone industrial production fell 0.1% in January after
a 0.3% rise in December, missing the +0.2% estimate.
The
FTSE 100 index end the session positive up by 0.59% to 6761.07
pulling back after hitting a high of 6,799.84 earlier, with concerns
about Greece weighing on sentiment in afternoon trade. If during the
day market is breaching the support level of 6680 on downside after
consolidation, then it can test the level of 6620 with the resistance
of 6720.
Sports Direct International Plc
RECOMMENDATION SELL
TARGET 634
The Major trend of Sports Direct International Plc is sideways and
it is showing strength for selling . If it moves below the support
level then one can initiate the short position in the stock. If it
breaks the level of 650 then it can show downside movement for the
target of 634 with the stop loss of 664.
CHART FORMATION:-
Stock is trading near its support and sustaining below that trendline
is indicating selling in the chart. Crossing the trendline will lead
to downside movement. Stock is trading below the 50 and 200 DMA with
negative bias.
INDICATORS:-
RSI is trading near to 34.07 level with negative bias, in upcoming
session downside movement is expected.
MACD and Signal line is sustaining below the zero level line.
