CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

FTSE 100 index poised to pare recent gains based on futures data

IG’s FTSE pre-market price estimates indicate that the benchmark could trade lower heading into the last day of the week.

UK benchmark FTSE 100 index is down 1.9% in pre-market hours on Friday 24 April 2020, based on IG data.

IG's pre-market FTSE 100 price estimates showed that the index fell by over 100 points to drop below 5720 as at 05:00 GMT on Friday.

IG offers extended hours trading options for the Weekend FTSE 100 index and other major indices. Buy long or sell short on the FTSE 100 via CFDs and other instruments provided by IG's market-leading trading solution. Start today by opening an IG account.

FTSE 100’s up and down week

The Footsie performed much better on Thursday 23 April 2020, with the index closing around 1.4% higher, as the oil price recovery continued across the day.

The FTSE index had plunged under 5650 earlier this week due mainly to the oil price collapse and the UK property market’s slumping demand that had led to the stalling and cancellation of over 500,000 housing sales.

On Tuesday 21 April 2020, UK property development giants Barratt Developments, Taylor Wimpey, and Persimmon each saw their share prices decline by between five and ten percent.

Oil prices had also fallen to historic lows, with spot US crude falling to -$37 per barrel on Wednesday, as oil producers were forced to pay traders to buy oil from them as a result of them running out of storage space in the face of the current coronavirus demand wipe-out.

IG’s oil futures prices also reflected the commodity’s bearishness, with WTI crude and Brent crude futures each plummeting as much as 55.83% and 20.05% to lows of US$7.26 and US$20.11 per barrel respectively.

Since those lows however, oil prices have bounced back strongly, with US crude and Brent crude rallying over 150% and 35% to US$18 per barrel and US$25.50 per barrel respectively.

Are you bullish or bearish on the FTSE 100 index? Either way, you can buy long or sell short on the FTSE 100 via CFDs and other instruments provided by IG's world-leading trading solution. Start today by opening an IG account.

Technical analysis: FTSE index could ‘break in a bullish manner’

From a technical standpoint, IG UK senior market analyst Joshua Mahony noted that with the FTSE 100 managing to break through trendline resistance on Thursday morning following overnight losses, ‘the triangle formation seen over the course of April could break in a bullish manner if the index rises through 5849’.

He added that ‘with the 76.4% Fibonacci level up ahead, it is worthwhile watching this area of resistance as a potential turning point for the FTSE’.

‘With the stochastic moving back into overbought territory, there is a chance we could see price start to consolidate or roll over around these levels,’ Mahony wrote, concluding that a bearish outlook would be negated with a break through 5849.

What is weekend trading?

Weekend trading gives you access to forex, indices (such as the Weekend UK 100) and cryptocurrency markets on a Saturday and Sunday. So, if news breaks about the ongoing coronavirus pandemic – or central bank measures to ease the strain on global markets are announced – you no longer need to wait until markets open on Monday to trade.

The weekend prices for indices and forex are quoted separately to their weekday counterparts, based on our view of the prospects for that market given client business and news flow. As a result, you can use these markets to hedge against risk on your weekday positions. Weekend indices and forex positions will rollover into regular weekday positions if they are kept open after the Sunday close, with any stops or limits remaining in place.

Buy long or sell short on the Weekend UK 100 by trading CFDs and other instruments provided by IG's world-leading solution. Start today by opening a live or demo IG account.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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