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Despite the news it actually looks bullish | 7535 7563 7603 resistance | 7480 7452 support

#1 · 9th October 2023, 9:27 am

Technical analysis for FTSE 100 for 9th October 2023

Risk sentiment took a hit as oil surged as much as 5% after Hamas’ surprise attack on Israel triggered fears of a supply shock. Gold gained along with the dollar on haven bids.

West Texas Intermediate climbed above $86 a barrel while Brent touched $89 as traders braced for a wider conflict after the US said it was sending warships to the region. The Wall Street Journal reported that Iranian security officials helped Hamas plan its attack on Israel, which risks triggering a retaliation against Tehran.

U.S. stock futures slid on Monday as the military conflict in the Middle East lifted oil and Treasuries, while the sizzling September U.S. jobs report raised the rate stakes for inflation figures later in the week. Holidays in Japan and South Korea made for thin conditions but the initial bid was for bonds and the safe harbours of Japanese yen and gold, while oil prices climbed by more than $3 a barrel.