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FTSE 100 RISES ABOVE MA5 AS RETAIL SALES OUTPERFORM -

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    • FTSE 100 RISES ABOVE MA5 AS RETAIL SALES OUTPERFORM
19-Jun
21:03 IST

FTSE 100 futures are currently trading at 6255.9-higher by 0.58% as compared to the previous closing. The contract closed in the negative territory in the last trading session.

In the cash markets, the FTSE 100 added 1.17% at the time of writing.

The index gained today as a sharp rebound in retail sales in the last month boosted hopes of a rapid economic recovery from the virus-related economic fallout.

Energy stocks also rose today tracking a gain in crude prices.

London’s main index was on track to post a gain for the fourth week in the past five weeks. The benchmark rose in recent days as optimism around the revival in business activity offset worries about further lockdowns following a rise in cases in China and the US.

The midcap FTSE 250 was up 0.81% at the time of writing.

Official data released earlier today showed that UK retail sales volumes rose by a record 12% in the last month. Sales growth was above the market expectation of 5.7%.

London’s main index is now less than 20% below its record high, partly supported by the historic stimulus.

The UK’s central bank on the previous day expanded its bond-buying program, in line with market expectations.

Other official data also released earlier today showed that consumer sentiment posted its biggest improvement in about four years in the current month.

Oil majors BP and Royal Dutch Shell gained 1.89% and 1.44% as crude prices surged after the OPEC+ group agreed to meet their production cut commitments

Housebuilders were trading higher on Friday. Taylor Wimpey and Barratt Developments rose 4.83% and 1.95% respectively at the time of writing.

Other top gainers in the index include Aveva Group PLC (up 4.17%), Centrica plc. (up 3.55%), and Diageo Plc. (up 3.35%) at the time of writing.

On the other hand, top losers in the FTSE 100 include British Land Company (down 2.16%), Whitbread PLC (down 1.40%), and Barclays (down 0.62%) at the time of writing.

On the technical front, the RSI is currently at 54.94% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Buy at 6250. Take Profit at 6320. Stop Loss at 6220

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