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The FTSE traded relatively flat on Monday amid renewed US-China tensions

SquaredFinancial

Fundamental Highlights

*The FTSE traded relatively flat on Monday as investors take a cautious stance amid renewed US-China tensions after President Trump threatened to impose tariffs on China.
*UK Composite and services PMI data for April will be in focus as markets await plans from the UK government to reopen the economy.
*A rebound in oil prices should provide support to the index while coronavirus updates will continue to act as the key driver of market sentiment.

Technical Analysis

*The FTSE saw limited price movement on Monday as it closed 9 points lower at 5753.
*The support at 5700 guards the index from reaching the lower levels at 5640 and 5570.
*Holding above 5700 enables the FTSE to push higher with a move above the 20-period MA near resistance at 5890 required to target the higher level at 5970 and potentially form a lower high.

Support: 5700/5640
Resistance: 5890/5970

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-ftse-traded-relatively-flat-on-monday-amid-renewed-us-china-tensions-ftse-100-market-outlook-05-05-2020
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