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IC Trades: FTSE 100 (UKX)

Created:
3 March 2008
Written by:
Dominic Picarda

Our continued bearishness on the FTSE (25 February) has proven correct. The large-cap index has resumed its downtrend after its unconvincing three-wave rally on poor volume.

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A move down towards January's lows at 5339 and ideally beyond should now unfurl. A weekly close below the 200-week moving average at 5778 would add a further bearish element to the picture, although a daily close above 5975 would temper our negative outlook.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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