London FTSE

FTSE 100 Breaks Above the 100-Day SMA, Lloyds Shines

FTSE 100 resumes the upward trend after yesterday’s losses as investors sentiment boosted on hopes for a fast recovery of the economies around the globe. On the economic data, earlier today reported that the UK Halifax House Prices came in at -0.2%, beating the expectations of -0.7% in May. The Halifax House Prices yearly reading came in at 2.6% below the consensus of 2.8%.

Investors await the from the USA the payrolls report, the unemployment rate and average earnings all to be released at 12:30GMT. ECB helped the sentiment yesterday after it added 600 billion to its PEPP program beating the economist’s expectations for a 500 billion increase.

EU Brexit negotiator Michel Barnier later today will offer a briefing on the fourth round of negotiations.

Stocks with high volumes include: Lloyds Banking Group (LLOY) is 2.98% higher at 34.91, Glencore is 3.77% at 175.54, Vodafone (VOD) is 0.92% higher at 138.30, Barclays (BARC) is 2.40% higher at 126.49, and HSBC is 2.39% higher at 408.93.

FTSE 100 Technical Analysis

FTSE 100 is 1.31% higher at 6,424 as the index breaks above the 100-day moving average for the first time since February 21st. The index hits the highest since March 9 as the impressive rebound from March low gains momentum. A close today above the 100-day moving average might attract more bulls to join the action. In case of rejection at that resistance, might lead to a profit taking pushing the index to 50-days moving average.

Looking north, the first resistance for the FTSE index is at 6,427 the daily top. The next hurdle stands at 6,464 the high from March 9. The high from March 6 at 6,705 is the next supply zone.

On the flip side, immediate support for the FTSE 100 will be met at 6,341 the daily low. Next support area stands at 6,223 the low from June 3rd trading session. If the bears break that level then the next support is at 6,167 the low from June 2.

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FTSE 100 price chart

FTSE 100 Breaks Above the 10-Day SMA, Lloyds Shines
FTSE 100 Breaks Above the 10-Day SMA, Lloyds Shines

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