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 eyes 6800
Three days of gains have turned the index resolutely bullish, with buyers hoping for a fourth day too. If we can sustain gains above 6700 then the target now becomes the 200-day SMA at 6765, and then on to the 6800 high from the middle of the month.
Daily stochastics appear to have bottomed out, leading to further buying pressure and upward momentum. We would need to see the index move back below 6600 to reverse the outlook.