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 100 regaining ground after wedge breakdown
Following on from a wedge breakdown into the 76.4% retracement, the FTSE 100 is moving higher.
There is a strong likeliness we will see the index move higher from here, yet it is worthwhile noting that given the wedge break, there is a strong chance we could be seeing another retracement before we turn lower once again. A break above 7340 would negate such a theory, and point towards the market being on a more sustainable recovery path. Until then, while further upside is expected in the near term, there is also a chance that we will see the sellers come in once more.