It was a negative finish for UK stocks in the final session of the week, with investors focused on the Bank Holiday, European and Ukraine elections, while several stocks retreated from gains seen earlier in the week. . The FTSE 100 ended the final session of the week 4.81 points lower at 6,815.75 as it was opened gap down and did not managed to breach it's major support level of 6780 and showed upside movement from their and manages to closed with moderate loss .RSI is managing to trade above 50 Level and facing resistance at 58 level crossing of it can test the level 70.In upcoming trading session FTSE can continue it's major trend crossing of the 6850 level it can test the level of 6900,6950 with support of 6780 level.
Drax Group Plc
RECOMMENDATION Buy
TARGET 648
STOCK SUMMARY:
The Drax Group Plc is looking good for buy in daily & intra day charts. Stock is showing strength for buying from the lower level and it has given the break out of the trend line and sustaining above that with positive bias Trader can initiate the long position in the stock above the level of 615 for the target of 648 with 50 DMA is looking good stop loss level at 599.
CHART FORMATION
Stock has given the break out of the falling channel and sustain near to the resistance level,crossing of the resistance level can show upside movement
Stock is managing to trade above the 50 DMA & 89 EMA with positive bias.
INDICATORS:-
RSI is trading above the level of 60 with positive bias & looking further bullish in near future it can test the level of 70.
MACD & Signal line are given the break out above the zero level line ,positive movement is expected
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