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The FTSE is set to close out the week in the green, rallying ahead of an extended holiday weekend in celebration of the King's coronation. Markets are in a fairly buoyant mood as traders head for the exit. BP sits at the top of the deck as finally some relief for oil prices after what has been a trying week for oil bulls as crude oil prices tested demand below $70 a barrel-finally some improvement in risk appetite demand develops. With another stellar jobs report Stateside crude is trading up over 4.5% on the day leading to a lift in BP shares which are trading up over 3.3% on the day, with Shell also in the green by 2.2%. 

IAG British Airways owner also came out of the gates with solid gains as the airline owner announced better-than-expected earnings and a trading announcement in which it lifted 2023 profit forecasts on robust summer travel demand. However, with the uptick in oil prices the stock has surrendered the majority of its early 5.5% gain to trade up a modest 0.5% on the day.

On the negative side of the ledger Endeavour Mining sits at the bottom of the index as Gold prices have taken a 2% tumble on the session, weighing on the gold miner as it nurses losses of just over 3.3%. In a stock specific news Intercontinental Hotels group are in the red today on news that Chief Executive Officer Keith Barr is to stand aside effective June 30th, the Americas Chief Elle Maalouf will take the reins from July 1. Speaking of reigns “God Save The King!”

FTSE Bias: Intraday Bullish Above Bearish below 7700

• Below 7700 opens 7660
• Primary supportis 7635
• Primary objective 8030
• 20 Day VWAP bearish, 5 Day VWAP bearish

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(Click on image to enlarge)

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