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 rallies into Fibonacci resistance
The FTSE has seen an incredible start to the week, with the French election sparking a surge into and through the key 7253 resistance level. While that break has provided us with a more bullish signal, the fact remains that the index remains within a downtrend given the creation of lower highs and lows.
As such, we would need a break through 7346 to negate the potential for further downside. Watch out for the response to the 76.4% Fibonacci resistance as a means to understand whether this is just another retracement or a wider recovery.
.jpg)
