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 retracing recent gains
The FTSE 100 has moved lower into trendline support this morning, following on from a failure to regain the 7205 mark. The key to further losses is a break below the 7160 level. Given the importance of the previous 7127 all-time high, a break below 7160 could set us up for a nice bullish pullback into the 7141-7146 region.
The uptrend remains intact for now and any retracement is seen as such (not a reversal). We would need to break below 7121 to negate this bullish view.