FTSE 100 hits record high as German 40, US Tech 100 bounce off support
FTSE 100 hits record high as German 40, US Tech 100 bounce off support amid hopes of a European plan for a Ukraine peace deal.
FTSE 100 hits record high
The FTSE 100 hit a new record high on hopes that European leaders may present US President Trump a peace plan for Ukraine following Sunday's summit in London.
The UK blue chip index is gunning for the 8900 mark ahead of the psychological 9000 region.
Minor support sits at the February 8836 peak followed by the 18 February high at 8788.
FTSE 100 daily chart
Germany 40 gaps higher
The German Germany 40 index recovered from Friday's 22,212 low in line with US indices which regained some of their weekly losses and rose close to its February to March resistance line at 22,760 on Monday morning before faltering.
The price gap with Friday's 22,567 high may still be filled as investors fret about the possibility that US President Trump will follow through with his threat to impose a 25% tariff on Mexican and Canadian imports and an additional 10% on Chinese imports on Tuesday.
Good support sits between the 21 February and last week's lows at 22,212 to 22,114, a fall through which would put the 21,802 January peak on the cards.
Above Monday's 22,750 intraday high lies last week's 22,829 high.
Germany 40 daily chart
US Tech 100 recovers from major support
The US Tech 100 followed its seven straight day descent with a rally off its major support zone on Friday and looks to be on track to reach the 21,000 mark.
Above it resistance can be spotted between the 25 to 27 February highs at 21,329 to 21,387 ahead of the 55-day simple moving average (SMA) at 21,469.
Immediate support can be found between the December-to-early January lows at 20,769 to 20,725 but the key support zone goes all the way down to last week's February low at 20,408.
US Tech 100 daily chart
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