European Open: 7300 in focus for FTSE bulls
Equity markets continued to rally in Asia as we approach the quarter end. And with futures markets also pointing higher then perhaps they can help the FTSE make it was to 7300.
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Asian Indices:
- Australia's ASX 200 index rose by 127.1 points (1.93%) and currently trades at 6,705.80
- Japan's Nikkei 225 index has risen by 400.62 points (1.51%) and currently trades at 26,892.59
- Hong Kong's Hang Seng index has risen by 591.13 points (2.72%) and currently trades at 22,310.19
- China's A50 Index has risen by 213.86 points (1.46%) and currently trades at 14,846.58
UK and Europe:
- UK's FTSE 100 futures are currently up 41.5 points (0.58%), the cash market is currently estimated to open at 7,250.31
- Euro STOXX 50 futures are currently up 19 points (0.54%), the cash market is currently estimated to open at 3,552.17
- Germany's DAX futures are currently up 107 points (0.82%), the cash market is currently estimated to open at 13,225.13
US Futures:
- DJI futures are currently up 50 points (0.16%)
- S&P 500 futures are currently up 62.5 points (0.51%)
- Nasdaq 100 futures are currently up 10.5 points (0.27%)
Asian equity markets took the positive lead from Wall Street and rose overnight, with the Hang Seng rising 3.2% and the ASX 200 up around 2%. There’s no economic reason for the supposed lift in sentiment, but technically many look oversold and due a correction and likelihood that fund managers have to balance their books ahead of the month and quarter end.
FTSE 100 (1-hour chart):
The FTSE 100 was another major index (alongside the Dow Jones and S&P 200) to find support at its 200-week eMA and 7000, two weeks ago. Last week was its first bullish week in four and Friday was its most bullish day in just under 4-months. Given US futures and Asian equities moved higher overnight, we’re looking for the FTSE to extend its rally today.
7300 is the next obvious level for bulls to target, which is just below the monthly S1 pivot point and 50% retracement level. Should prices retrace within Friday’s range then we’d look for it to hold above Thursday’s high and head towards 7300.
FTSE 350: 4007.91 (2.68%) 24 June 2022
- 318 (90.86%) stocks advanced and 27 (7.71%) declined
- 3 stocks rose to a new 52-week high, 19 fell to new lows
- 19.43% of stocks closed above their 200-day average
- 31.14% of stocks closed above their 50-day average
- 5.71% of stocks closed above their 20-day average
Outperformers:
- +9.43% - Ultra Electronics Holdings PLC (ULE.L)
- +3.96% - Carnival PLC (CCL.L)
- +3.05% - Liontrust Asset Management PLC (LIO.L)
Underperformers:
- -15.0% - Hochschild Mining PLC (HOCM.L)
- -8.64% - TUI AG (TUIT.L)
- -5.62% - Baltic Classifieds Group PLC (BCG.L)
Economic events up next (Times in BST)
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