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 breaking higher from Fib support
The FTSE is heading higher this morning, following a retracement into the 76.4% retracement earlier this week. This provided us with a great buying opportunity to go long at the 7268, with a strong risk to reward resulting from the deep pullback.
Given that price has remained well above the 7251 support level, a bullish outlook remains in play, with a break back through 7323 looking increasingly likely.