Eoin Treacy's view I placed a breakeven stop on this position when it moved into profit. This was triggered at 428p with morning against my purchase on the 14th at 427.46p.

While this week's bounce is all that could have been wished for from a short-term oversold condition, the market will need to find support above last week's low to confirm that demand is coming in at a higher level and returning to dominance. Today's downside key day reversal has posted another lower high and it is for the bulls to prove whether a medium-term low has been reached for this market.

The Bombay Banks Index is also worthy of mention because it has been a leader throughout. It lost downward momentum from late January and this week's rally has challenged the progression of lower highs. The Index will need to hold above the February 10th low in order to support the medium-term demand dominant hypothesis.