This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
FTSE at key support which will dictate play
The losses in the FTSE have persisted overnight following a strong evening of trading. This time the top was marked with a spinning top following two bearish engulfing selloffs earlier this week. The price is currently sandwiched between Monday’s low of 6450 and yesterday’s low of 6430. As such, an hourly close below 6430 would be the signal that the losses are to be extended. Otherwise, watch for signs of a possible bounce such as the hammer seen at yesterday’s bottom.