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 100 rally seeks to continue
This rally has confounded expectations time and again, so it would be unwise to suggest it has run its course. Nonetheless, Friday's trade saw the index reach the 6100 area, last seen at the beginning of February, and then turn lower, so for now this the upside level to watch.
A move above here takes us on to 6178 and then to the late December 2015 high at 6320 (which would then put the price back above the 200-day simple moving average [SMA] for the first time since July 2015). Some support is possible around 6030, but a drop sub-6000 puts us back inside the descending channel, reigniting the longer-term correction.