The FTSE 100 index futures are bouncing back as investors prepare for a busy trading session that will see key British companies like National Grid, easyJet, and Royal Mail publish their earnings. The index is trading at £6,990, which is slightly above yesterday’s £6,885.
Footsie news: The FTSE index is rising as traders wait for important corporate earnings from the UK. The key companies that will publish at the open are electricity company, National Grid, and EasyJet, the giant airline company.
Royal Mail is also set to publish bumper results thanks to its parcel business. This is notable since, according to analysts at Hargreaves Lansdown, the company could be promoted to the FTSE 100 in June. Other potential companies that could move into the blue-chip index are ITV, 4Imprint, and TrustPilot.
This week, other UK companies that hav published are Vodafone and Experian.
FTSE index analysis
The daily chart shows that the FTSE 100 index has been in a tight range recently. The index is between the ascending channel pattern that is shown in black. This channel connects the highest and lowest levels since January this year. It is also slightly above the 25-day exponential moving average. At the same time, the Stochastic oscillator and the Relative Strength Index (RSI) have remained at the neutral levels.
Therefore, at this stage, the short-term outlook of the index is neutral. Nonetheless, in the long-term, the index could bounce back as investors target the upper side of the channel at 7,200. This prediction will be invalidated if the price manages to move below the support at 6,850.