UK100 Breakout As Wall Street Heavyweight Upgrades UK Shares

  • UK100
    (${instrument.percentChange}%)


Past performance is not an indicator of future results

The UK100, FXCM's proxy for the FTSE 100, has consolidated since May (blue rectangle). However, the index has broken out. The weekly stochastic has moved into the upper quintile (aqua ellipse), and as long as it holds these levels, an underlying bullish momentum is likely to be present. This, as JPMorgan upgrades UK shares to "overweight." The bank maintains that current valuations are trading at a "record discount." A higher trough followed by a higher peak will put the UK100 into an uptrend. As such, we are keeping an eye on the price action to support the upgrade.

Reference:
cnbc.com

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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