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Diminishing Covid cases pushed FTSE higher – FTSE 100 Market Outlook – 08/02/2021

SquaredFinancial

Coronavirus cases in the UK dropped by 25% last week helping push the FTSE100 firmly into positive territory amid hopes of a rapid economic recovery with stocks in London set to continue climbing higher this morning taking cue from Asia’s main markets which were buoyed by the growing pace of the vaccine roll-out and US stimulus progress. Technically speaking, the benchmark is now above the key important 200-period moving average, however, the Relative Strength Index (RSI) is pointing down suggesting a slight drop lower is highly likely before the next wave higher, with 6520 as next support level.

Support: 6550 / 6520
Resistance: 6600/ 6620

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/diminishing-covid-cases-pushed-ftse-higher-ftse-100-market-outlook-08-02-2021
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