UK's FTSE steadies near 4-1/2 year highs

Comment on this story
FSTETrader1234 Reuters. A trader monitors the screen on a trading floor in London.

London - Britain's benchmark share index was flat on Monday, steadying near its highest level in four-and-a-half years although some technical indicators suggested its recent rally may peter out in the near term.

The blue-chip FTSE 100 index was roughly flat at 6,284.71 points by 10:05 SA time, having gained 0.3 percent on Friday in a move that had pushed the index up to its highest level since mid-2008.

However, the FTSE 100 is now at a level where it was in “overbought” territory, according to technical analysts, which some traders may use as a sign to sell and book profits on equities in the near term.

The FTSE 100's relative strength indicator (RSI) is currently at 81 points - above the 70 point level which shows that an index is in technically “overbought” territory. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.