Source : Reuters lire le PDF
With U.S. markets shut for Thanksgiving public holidays, volumes were expected to be thin. Just 7.5 percent of the 90-day daily average had traded on the FTSE in the first hour.
The rebound from last week's three-and-a-half month lows has somewhat brightened the technical outlook on the UK index, but it continues to lag other European bourses.
"Most definitely we will be testing once again the previous high - 5,920 points and possibly a little higher - by the end of the year ... (but) it is a lagging index and we expect it to lag more into the end of the year," said Valerie Gastaldy, technical analyst at Day By Day.
"The rest of Europe will easily pass the previous highs, maybe by 3, 5 or 6 percent, but on the FTSE I am not sure we can pass 6,000 points."
The EuroSTOXX 50 benchmark of euro zone blue chips eased 0.2 percent to 2,488.94, but held above the bottom of the 2,440 to 2,570 range which it tried but failed to probe on Tuesday.
"We've hit the bottom of the range so we know we are going to test at least the middle of the range and possibly even the higher threshold. It's slightly more bullish than bearish because we are bouncing off the support," said Valerie Gastaldy at technical analysis firm Day By Day.
"To escape from the range... we need money to flow from bonds to equities and as long as I don't have that signal from bond market I can't be sure that we are going to really break above 2012 highs."
"When you're within a range, when you arrive very quickly at the bottom of that range, the best course of action is to buy," said Valerie Gastaldy, partner at Paris-based technical analysis firm Day By Day.