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 – a new bounce in the making?
Once again the FTSE dipped below 7400, and once again the buyers came out in force to defend the area. Now we see if it can definitively break the descending trendline from the highs earlier in the month. It tried a week ago, and then failed, but perhaps a second time will work out better.
The stubborn refusal to let 7400 go adds force to the idea that a new bounce is in the making. A daily close below 7400 is needed to put a more bearish spin on things.