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 trend upwards
The FTSE is pushing higher this morning, following a shallow 38.2% retracement overnight. This comes off the back of a break through trendline resistance and the January high of 7359. The next hurdle is going to be an absolutely crucial one, with a break through 7409 required to negate the downtrend we have seen over the past two months. Should that occur, it would point towards a wider recovery and continuation of the wider uptrend.
As such, while there is a clear uptrend in play, watch out for the ability to break 7409, as this will give us clues as to whether we will head to new highs in the near future or not. On the flipside, an hourly close below 7321 would point towards a bearish picture developing.