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.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines