FTSE 100 Higher On Coronavirus Lockdown Optipimism

ftse 100

FTSE 100 started on positive foot the week amid optimism that the global lockdown will end soon. Spain, Austria and Italy reopened some businesses while Germany reopened some of the retail stores today. On the other hand, the UK and France have extended the lockdown into May. FTSE 100 managed to recover over 18% of the March heavy losses amid the coronavirus crisis. Oil stocks are under pressure as the crude oil price slides to 20-year lows.

FTSE 100 boosted by easyJet +3.63% at 661.80, Next +3% at 4,569, Vodafone +2.44% and Hargreaves Lansdown +1.86% at 1558. On the other hand Rio Tinto is 2.04% lower at 3738, Anglo American -1.73% at 1396, BHP Group -1.61% at 1293 and Glencore -1.30% at 139.49.

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FTSE 100 Technical Outlook

FTSE 100 is 0.12% higher at 5793 digesting the 5800 level after the rebound from the March lows. The technical picture for the FTSE 100 index remains bearish, but a move above the 5,900 mark might cancel the bearish momentum.  

On the upside, first resistance for FTSE 100 stands at 5,823 the daily top. The next hurdle for the FTSE index is at 5,888 the high from April 14 trading session. If the index breaks above 5,888 the next supply zone will be met at 6,079 the high from March 11. 

On the other hand, the first support for the index stands at 5,760 the daily low. If the FTSE 100 breaks lower, the next support area is at 5,628 the low from Friday’s trading session. More robust support for the index would be met at 5,415 the low from April 6 trading session.  

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