FTSE 100 Rebounds From Two Month Lows
FTSE 100 rebounds from two month lows adding 0.86% at 7,231 as Chinese central bank moved to stabilize USDCNH; a move that ease investors worries about further escalation in US-China trade war tensions.
On the technical side FTSE 100 today breached above the 50 day moving average at 7,185 giving bulls a short breath. The short term outlook has turned bearish, on the downside immediate support stands at 7,157 today’s low, while a break below will open the way for a test of 7,090. Long positions will face resistance at 7,386 the 100 day moving average while more offers will emerge at 7,436 the 200 day moving average.
European indices also trading higher recovering some of yesterday’s losses, with DAX 30 adding 1.43% to 11,733 while the CAC 40 in Paris trading 1.38% higher at 5,306.
In Wall Street, the Dow Jones futures trading 0.37% higher at 26,019, the S&P 500 futures are 0.34% higher at 2,886 while the Nasdaq futures are 0.58% higher at 7,558 signaling a slightly positive start for equities in the other side of the Atlantic.