Fear Drives Markets Lower
Fiona Cincotta April 1, 2020 7:56 AM
FTSE slips as manufacturing across the globe drops & Trump reveals horrifying numbers
European stocks have opened lower in early trade on Wednesday as fear drives the markets. President Trump’s prediction that between 100,000 – 240,000 Americans could lose their lives, is truly horrifying and this is being reflected in the sell off today. In the UK a 27% rise in daily deaths, even as measures are being taken to slow the spread is adding to the risk off sentiment
Levels to watch
The FTSE has slumped 2.1% lower on the open at 5408. On the 4 hour chart it is testing its 50 & 100 sma at 5420. A breakthrough this level could see more bears jump in.
Immediate support can be seen at 5416/20 (today’s low, 50 & 100 sma), prior to 5440 (low 29th March) and 5115 (low 24th March).
Resistance can be seen at 5884 (today’s high) and 5707 (high 31st March) and 5831 (high 26th March)
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