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Hugo in HTO Trading,

UK100: Consolidating gains

Yesterday European markets closed higher, with a surge in retail stocks helping to boost investor sentiment.

Economists were expecting for UK Consumer Price Index to drop to 0.7%, and for a -0.4% fall in Producer Price Index Output but the actual stand at 0.5% and -0.8% all worse than expected.

On Yesterday session the UK100 initially rallied but found enough selling pressure at 6,496 to turn things back down. The index closed in the green in the middle of the day range and below the 10-day moving average. The Stochastic is showing bearish momentum.

Expecting a downward move to a key level at 6,264 on a break below previous day low at 6,390 (scenario 1).

UK100 is a CFD written over FTSE100 futures.