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 rebound floundering
The FTSE 100 failed to rally through the 7618 level yesterday, following a bounce from the 61.8% Fibonacci support level.
With the price subsequently failing to break below that 7520 low, we are in consolidation mode currently. Watch for a break through the 7618 or 7520 level for a signal of where we go from here. However, a downside break may represent a shift into the 76.4% retracement rather than the start of a wider bearish phase.