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 back to November rising trendline
A 4% decline from the June high has seen the FTSE return to the rising trendline from late November last year. It bounced from here in April, and, for the time being, it appears to be holding.
A move below 7280 would turn the outlook more bearish, but for now a bounce back above 7367 could open the way to the 50-day simple moving average (SMA) at 7426. A daily close below the rising daily trendline could see a test of the 7260 area, and then down to the 200-day SMA at 7188.