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 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 sell-off looks set to continue
The FTSE 100 managed to rally into the 61.8% Fibonacci resistance level yesterday, before turning sharply lower in what looks like a continuation of the downtrend we have seen over the past fortnight. The bearish outlook remains, with price expected to fall back below 6910 to create a new low.
Should that occur, then the line in the sand for this downtrend to remain intact would shift to yesterday’s high of 7011. Until then, a bearish outlook remains in play unless we move back above 7068.