LONDON 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)
Trending On Reuters
India's $100 billion push into solar energy over the next decade will be driven by foreign players as uncompetitive local manufacturers fall by the wayside, no longer protected by government restrictions on the sector. Full Article
India's $100 billion solar push draws foreign firms as locals take backseat Full Article