_sm.png/jcr:content/renditions/original-size.webp "FTSE chart")
_Lg.png/jcr:content/renditions/original-size.webp "FTSE chart")
_Lg.png/jcr:content/renditions/original-size.webp "DAX chart")
_sm.png/jcr:content/renditions/original-size.webp "DAX chart")
_Lg.png/jcr:content/renditions/original-size.webp "Dow Jones chart")
_sm.png/jcr:content/renditions/original-size.webp "Dow Jones chart")
The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.
FTSE consolidating after sharp rally
The FTSE managed to break out from its range in style yesterday, with the index gaining after dovish comments from Janet Yellen. We are seeing consolidation this morning, with the price breaking sideways from a symmetrical triangle.
Ultimately, we are looking for a break from the 7409-7434 zone to provide a directional bias from here. Given the fact that we have not seen the index break through the first swing high of 7453, we could still be looking at a retracement of the late June sell-off. Hence it is no surprise that we are seeing some selling come into play here.
As such, watch out for a break through 7453 as a strong bullish signal. Until then, it looks likely we will see some selling come into play today.
.jpg)
