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O’Hare: Fourteen year high for FTSE
The FTSE Index continues to climb and Steve O’Hare from First 4 Trading is looking to invest in the index as it approaches the highest levels in fourteen years.
News concerning the economies of influential emerging markets caused the index to dip on Monday. HSBC warned investors about the lack of stability in emerging markets, citing it as cause for the bank’s lower-than-expected returns. HSBC’s stock fell 3.7 percent, causing the FTSE to fall with in conjunction with the bank.
Trouble in emerging markets previously caused the FTSE to fall in January, but the index has proven to be resilient as it approaches a fourteen year high.
Steve is looking to buy the FTSE on a dip at 6,835 with a stop at 6,795. His two targets are set at 6,880 and 6,900 as he expects the index to push higher.
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