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FTSE 100 RISES ABOVE MA5 ON TRAVEL STOCKS GAIN -

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    • FTSE 100 RISES ABOVE MA5 ON TRAVEL STOCKS GAIN
05-Jun
21:27 IST

FTSE 100 futures are currently trading at 6484.9-higher by 2.33% 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 2.25% at the time of writing. The index advanced today as optimism around a post-virus economic recovery drove traders back to riskier assets.

The FTSE 100 was on track to post a third consecutive week of gains. The index also set to record its best week in about two months.

Stocks of Royal Dutch Shell Plc. and BP Plc. rose today due to higher crude prices.

Travel shares rose to their highest in about three months after news that some European nations were keen to adopt transport corridors, letting UK holidaymakers visit Mediterranean resorts without quarantining for two weeks on their return.

Index components Carnival, EasyJet, and IAG surged more than 6% at the time of writing.

The midcap FTSE 250 was up 2.23% at the time of writing, with consumer discretionary and financial shares were the top performers.

London’s main index today is at near three-month highs, boosted by a raft of global stimulus which helped traders look past data indicating the damage from the coronavirus.

Official data released earlier today showed that consumer confidence in the last month remains at its lowest in a decade. Consumer Confidence for May came in at -36 points, below the market expectation of -34.

Housebuilders were trading higher on Friday. Taylor Wimpey and Barratt Developments rose 2.01% and 3.85% respectively at the time of writing.

Other top gainers in the index include Melrose Industries (up 11.82%), M&G plc. (up 8.82%), and Rolls Royce Holdings Plc. (up 7.47%) at the time of writing.

On the other hand, top losers in the FTSE 100 include Polymetal International (down 5.81%), Fresnillo (down 5.26%), and National Grid (down 2.75%) at the time of writing.

On the technical front, the RSI is currently at 68.03% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band 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 6480. Take Profit at 6550. Stop Loss at 6450

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