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FTSE 100 FALLS BELOW MA5 ON ENERGY STOCKS LOSSES -

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    • FTSE 100 FALLS BELOW MA5 ON ENERGY STOCKS LOSSES
15-Apr
22:26 IST

FTSE 100 futures are currently trading at 5582.2-lower by 3.35% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the cash markets, FTSE 100 dropped 3.34% at the time of writing.

The broad-market index slipped today as energy shares fell on worries of a plunge in oil demand.

The midcap index FTSE 250 was down 4.57% at the time of writing. Signs of a longer lockdown in the UK knocked about 5% off the midcap index today.

Stocks of BP and Royal Dutch Shell dropped as crude prices plunged due to reports suggesting persistent oversupply and weakening demand due to the virus-related lockdowns around the world.

Data from the Office for National Statistics showed that the country’s true death toll exceeded estimates previously published by the government.

Stocks of Asset Managers dropped after Jupiter Fund Management reported a fall in assets under management in the first quarter.

Retailers were trading mixed on Wednesday. Sainsbury added 0.65% while Morrison’s lost 0.52% at the time of writing.

Housebuilders were trading lower on Wednesday. Taylor Wimpey and Barratt Developments lost 1.53% and 6.68% respectively.

Other top losers in the FTSE 100 include Glencore (down 7.53%), ITV (down 7.99%), and Melrose Industries (down 8.87%) at the time of writing.

Market players now await corporate earnings in the US.

On the data front, the UK 10-year Treasury Gilt Auction data was released on Wednesday. According to OTC interbank yield quotes, UK 10-Year Bond Yield was 0.31% today.

On the technical front, the RSI is currently at 44.92% 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 5590. Take Profit at 5520. Stop Loss at 5625

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