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 100 eyes 6200
The index continues to find support around the 5930 level, and has moved higher this morning. Once again, the lows of last week appear to be holding, with dips below 5900 bringing out the buyers. Upside targets now lie towards 6002 and 6050.
If the rally can be maintained then the next target would be around 6200. A turn lower from current levels would encounter support at 5890 and then head on towards 5840.
The daily RSI has turned higher once again, but remains below the 50 mark, indicating that buying pressure is still not overwhelmingly strong. Daily stochastics have yet to turn bullish either, so until this transpires we may see a repetition of the range trading of early September, just at a lower level.