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FTSE 100 futures are currently trading at 5855.7-lower by 0.79% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.
In the cash markets, the FTSE 100 lost 1.51% at the time of writing.
The index dropped today as data showed a nationwide shutdown crushed retail sales in the last month, while the GDP for March fell by 5.8% on a month-on-month basis.
The index today was on track to snap a five-day rising streak.
The midcap index FTSE 250 was down 1.82% with travel shares falling after a warning from a European travel company TUI about job cuts as it strives to lower costs by 30% in a major restructuring.
Housebuilders were trading lower on Wednesday. Taylor Wimpey and Barratt Developments lost 2.71% and 0.49% respectively at the time of writing.
Energy shares tracked a fall in crude prices today. Royal Dutch Shell Plc. and BP lost 3.52% and 0.73% respectively at the time of writing.
The UK’s central bank has forecasted the biggest economic plunge in 300 years.
Other top losers in the FTSE 100 include Carnival (down 10.77%), Compass Group (down 8.17%), and Melrose Industries plc. (down 9.17%) at the time of writing.
On the data front, the preliminary estimate of the UK GDP for the first quarter was released on Wednesday. The QoQ rate of change in the GDP was -2.0%. The GDP growth was a better-than-the market expectation of a fall of 2.5%.
In addition, Manufacturing Production (MoM) for March released earlier today came in at -4.6%. The Production change was a better-than-the market expectation of a fall of 6.0%.
On the technical front, the RSI is currently at 51.19% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Sell at 5860. Take Profit at 5790. Stop Loss at 5890