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 finds the strength to bounce
Last week was one of those consolidation weeks for the FTSE 100, where trench warfare between the bulls and bears saw the index make little meaningful progress.
However, we have begun to see a push above the downtrend line from the May record high. A daily close above this line, and then further progress above 7730, would likely signal a fresh push higher is underway, targeting 7800 and 7903. A close below Friday’s low of 7638 is needed to create a more bearish picture.