The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.
FTSE gains capped
We should be watching for any move below 6350 early on today, which would signal that this two-day decline has further to go. The 20-hour SMA (currently 6370) has done well to mark the descending line of resistance, capping any gains, so a close above here on the hourly chart would be a good first step for the bulls. The 6320 and then 6257 levels would be the next targets. Bulls will have their work cut out for them to get the index back on an upward move, but a first area to watch will be a move back above 6400, which would then allow for a possible move back towards 6440 and 6464.