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 continues to rally higher
The FTSE continues to move higher this morning, in a continuation of the rally which has seen the index gain over 6% since last Thursday’s low. This period of upside seems likely to be a temporary phenomenon and thus the medium-term bearish outlook remains.
However, we have not seen any signs to say this short-term uptrend is finished for now. As such, further upside is expected, with 5945 and 6000 the next key resistance levels of note. Our bearish view would begin to take shape with an hourly close back below 5809, which would then look towards 5768, 5740 and 5713 support levels.