U.K. MARKET OVERVIEW

U.K. MARKET OVERVIEW

European equities were pulled down on Monday by the pharmaceuticals group AstraZeneca, which slumped after rejecting a bid from Pfizer, and by Deutsche Bank's announcement of a capital increase.  The FTSE opened gap down ,made intra day low at 6802 and traded in negative sentiment in first half  but in second half it manages to wipe off it early morning losses and  showed some recovery due to which it manages to closed on moderate loss at 6844. Index is facing strong support at 6800 levels in near future if it sustain above the support level and consolidates it can test 7000 level but breaching of the support level it can show short term correction can test 6740 & 6650 level.
Antofagasta Plc

RECOMMENDATION Buy
TARGET 895

STOCK SUMMARY:
Antofagasta Plc is looking good for buy on charts and showing strength from lower level as stock is consolidating near to resistance level and trading with support of falling trend line crossing of it , stock can show upside movement . Trader can initiates the position in the stock after crossing of it's resistance level i.e. 812 it can show upside movement and can give the target of 895 with stop loss of 775 .

CHART FORMATION
Stock is sustains at the falling trend line crossing of the trend line can show upside movement.
Stock is managing to trade below 50 DMA and one can face the hurdle at 200 DMA at 846 , Crossing of it can show the level of 895.

INDICATORS:-
RSI is trading  above  the level of 50 and making further good pattern for buying once it can cross the level of 60 it can test the 70 level in near future.
MACD & Signal line are given the break out above the zero level line ,positive movement is expected
In stochastic K% is manages to trade above D% with positive bias.