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 downside expected
The FTSE 100 has been drifting lower this week and as of yet, we have seen not signs that this will stop. There is a warning sign, in the form of a failure low, which didn’t move below the earlier low set yesterday. This has created a new symmetrical triangle for the week, which is subsequently being broken to the downside this morning. Thus, further downside is expected unless the price closes above 6330 resistance. Support levels to watch are at 6249, 6228 and 6209, while resistance at 6330 and 6368.