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FTSE recovering much of the ground lost at the end of last week

The gap up and push higher sees the index recovering much of the ground lost at the end of last week, as the longer-term uptrend reasserts itself. Crucially, the index is holding above the mid-September lows, while the first oversold reading on the daily RSI since June has been met by fresh buying. The next target area may well be 6895, the 50-day SMA. We may see some weakness ahead of the election, potentially filling in some of the gap higher, around 6700.

Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.