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 100 hits another Fibonacci on its grind higher
The FTSE has been pushing higher from the 76.4% (7171) Fibonacci retracement this week, with price pulling back once more to hit another 76.4% (7174) this morning. The fact we did not break below 7160 points toward a likely move back into the previous highs of 7205.
As such, a bullish outlook is in place, with a move back above 7200 and 7205 likely to be around the corner. A break below 7166 would serve as a warning sign that we could see some short-term weakness for the index.