FTSE 100 could extend losses in weekend markets
The blue-chip index showed promise at the start of the week, but its early rally ran out of steam as the days went on, with investors able to continue trading the FTSE 100 over the weekend with IG.
The FTSE 100 showed promise at the start of the week, with the index closing 3% higher on Tuesday.
But the blue-chip index’s bounce fell flat as the week continued, with early gains completely eroded, sliding 4% in early morning trading on Wednesday.
The FTSE 100 was unable to recoup its losses ending the week 1.5% lower than where it started, with the index capable of extending its losses in weekend markets available with IG.
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FTSE 100: technical analysis
The FTSE 100 bounced from the overnight lows yesterday, but was unable to maintain forward progress, hitting a lower high around 5550, according to Chris Beauchamp, chief market analyst at IG.
‘This leaves the series of lower highs from 26 March intact, and with the index turning lower in the early part of Friday we may see a retest of 5340, an area of support that has held twice this week,’ Beauchamp said.
‘Below this 5170 is the first target. A more bullish view requires a push above 5550, to then head towards 5700,’ he added.
You can go long or short the FTSE 100 over the weekend with IG using derivatives like CFDs.
What is weekend trading?
Weekend trading gives you access to forex, indices and cryptocurrency markets on a Saturday and Sunday. So, if news breaks about the ongoing coronavirus pandemic – or central bank measures to ease the strain on global markets are announced – you no longer need to wait until markets open on Monday to trade.
The weekend prices for indices and forex are quoted separately to their weekday counterparts, based on our view of the prospects for that market given client business and news flow. As a result, you can use these markets to hedge against risk on your weekday positions. Weekend indices and forex positions will rollover into regular weekday positions if they are kept open after the Sunday close, with any stops or limits remaining in place.
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