FTSE 100 could see 5700
The recovery from last week’s lows has been as swift as the similar pattern was in January. Since Thursday’s lows, when bearishness seemed to carry all before it, the index has gained over 300 points.
It has pushed through the key 5789 level, the low from 3 February (and a support zone from 26 January), and now looks to target 5940 and then 6100.
A rising trendline off the lows of last week is providing possible support, and heavily overbought intraday relative strength index and stochastic indicators suggest that we could see a move back to 5700 or even 5650, providing dip buyers with another opportunity.