The FTSE recouped losses from previous session as it finished 1.08% higher at 6067 on Wednesday with the help of BOE’s chair Bailey not ruling out the possibility of negative interest rates. Moreover, markets are focusing positively on the reopening of economies which necessitates monitoring of coronavirus numbers. On the data front, manufacturing and services PMI figures out of the UK and US alongside US jobless claims will be in focus today and drive price action. The FTSE’s short term outlook appears bullish, however the index must take out April’s high at 6150 to reinforce this view. Failure to do so will see the index turn lower with a reversal below 5940 near the 20-period MA required to target lower levels at 5895 and 5840.
Support: 5940 /5895
Resistance: 6112/6150
