The UK stock market remains positive, with the blue-chip FTSE100 retesting its psychological level at 6000 during Friday’s session, favouring a test of its spring high at 6137.
The UK stock market remains positive, with the blue-chip FTSE100 retesting its psychological level at 6000 during Friday’s session, favouring a test of its spring high at 6137.
More vigorous price action can be seen on the FTSE250, which pushed to a new all-time high at 10176.8. This index is a star performer and investors buying into the 2003 low just below 4,000 have seen growth of around 250%.
This new breakout hopefully heralds fresh medium term highs for the FTSE100 later this quarter.
BREADTH: Continue to rise
Our bullish% indicators continue to rise along with the index action. The danger now is that we are pushing into overbought territory, and this increases risk.
However, the breadth picture continues to be positive for the moment, and it is only a turn down from overbought territory (not the absolute level) which would give us cause for alarm.
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