The Footsie rose 0.69% on the back of positive corporate updates. Moreover, there has been reported progress in PM Theresa May’s attempts to reach concessions with EU officials on the debatable Brexit deal. US-China trade headlines will continue to dominate investors’ attention while optimism lingers.
The FTSE index managed to bounce off the support at 7160 and close at 7228, above the resistance level of 7190. While buying pressure persists, the price has yet to trade through the resistance at 7290 coinciding with the 200-day MA to determine the Footsie’s outlook. Moreover, a move below the 7160 level will indicate a potential pullback to the support at 7060.
Support: 7150/ 7060
Resistance: 7280/ 7370