Britain's FTSE steadies near 4-1/2 year highs

LONDON Mon Jan 28, 2013 1:40pm IST

LONDON (Reuters) - Britain's benchmark share index was flat on Monday, steadying near its highest level in four-and-a-half years although some technical indicators suggested its recent rally may peter out in the near term.

The blue-chip FTSE 100 index .FTSE was roughly flat at 6,284.71 points by 0805 GMT, having gained 0.3 percent on Friday in a move that had pushed the index up to its highest level since mid-2008.

However, the FTSE 100 is now at a level where it was in "overbought" territory, according to technical analysts, which some traders may use as a sign to sell and book profits on equities in the near term.

The FTSE 100's relative strength indicator (RSI) is currently at 81 points - above the 70 point level which shows that an index is in technically "overbought" territory.

(Reporting by Sudip Kar-Gupta; editing by Simon Jessop)

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