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FTSE 100 RISES AS NEW CORONAVIRUS CASES SLOW; GDP OUTPERFORMS - Capital Street FX

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    • FTSE 100 RISES AS NEW CORONAVIRUS CASES SLOW; GDP OUTPERFORMS
11-Feb
20:05 IST

FTSE 100 futures are currently trading at 7,441.2-higher by 0.53% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the FTSE 100 added 0.77% to 7,504.25 at the time of writing. The broad-market index rose today after two consecutive sessions of losses.

The FTSE 100 rebounded as traders awaited signals from two of the world’s major central banks on their concern over the China-linked virus.

The index was supported by more than 11% rise in index component TUI after it disclosed strong demand for holidays would help counterbalance an effect of Boeing 737 MAX jet groundings on its yearly profit.

Stocks of easyJet also rose 2.44% at the time of writing.

The FTSE 250 midcap index advanced 0.59% at the time of writing supported by gains in stocks of William Hill.

The FTSE 100 has mirrored volatile swings in global markets over the past few days as the coronavirus spreads, which is expected to slow global economic growth.

The coronavirus has killed more than 1000 people so far but market participants drew some comfort from a slowdown in new cases as well as the steps China has taken to inject more cash into the economy.

Homebuilders were trading mostly higher on Tuesday. Taylor Wimpey and Barratt Developments rose 1.52% and 0.02% respectively at the time of writing.

On the data front, the preliminary estimate of the U.K. GDP for the fourth quarter was released on Tuesday. The MoM rate of change in the GDP was +0.3%. The GDP change was above the consensus estimates of 0.2%.

On the technical front, the RSI is currently at 51.05% 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 7435. Take Profit at 7470. Stop Loss at 7418

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