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FTSE weaker on increasing Global Coronavirus cases – FTSE 100 Market Outlook – 08/07/2020

SquaredFinancial

The FTSE 100 hit both of our short entry support targets at 6223 and 6162 as sentiment turned negative on increasing Coronavirus cases in US and Australia and as the European Commission lowered its forecasts for the performance of the economy in Europe (now expecting the Eurozone’s economy to contract by 8.7% in 2020 before bouncing back somewhat by 6.1% in 2021). All eye’s on Rishi Sunak’s plan today which might provide the index with some footing as it heads towards our 6100 support target.

Support: 6100 /6037
Resistance: 6162 /6223

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/ftse-weaker-on-increasing-global-coronavirus-cases-ftse-100-market-outlook-08-07-2020
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