Chart of the day: UK stocks put best foot forward
In some countries, people believe in stepping into a new year with one’s right foot, with some even throwing away their left shoe. The index of London’s top 100 shares, affectionately known as the “Footsie”, managed to close at its highest-ever point at the end of last year, above the 7,550-point area, which had capped for most of 2017, and at a statistically significant level above the 7,000-point area, which had marked very important tops since 1999. In the holiday-shortened first week of January this year, it used 7,550 points as a building block to further gains, just as in December it had used the top of the Ichimoku cloud to kick off the latest rally. Expect a rally to 7,950 points this quarter.
Nicole Elliott is a technical analyst