#FTSE for FRIDAY #DAX #SP500 This is one of these times when we’re pretty nervous. The markets appear unable to decide direction convincingly and in the UK, we’re blessed with politicians unable to decide anything! The funny thing is…
The FTSE has spent the first couple of weeks of November pivoting above and below 7075 points. We hate this absurdity, suggesting short from 7175 or long from 6975 points. Closing at 7038 points on Thursday, the market experienced another volatile session, one which gave pause for thought as a few signals suggested a coming break from the present rangebound state. Of course, it could simply be market reaction to the plethora of conflicting announcements and analysis regarding Brexit.
Near term, weakness now below 6975 suggests some travel to an initial 6906 points. Secondary, if broken, calculates at 6868 points. If triggered, the tightest stop appears to be 7043 points, giving a pretty balanced risk/reward.
The alternate will be of strength above 7055 suggesting the potential of travel to 7089 points. If bettered, secondary calculates at 7110 points. If triggered, the tightest stop appears to be 7020 points.
Visually there are ample reasons to anticipate some sort of bounce if the 6868 level appears but we do have a warning. Unless the FTSE somehow exceeds BLUE – roughly 7160 at present – there’s still a heck of an argument favouring bottom somewhere around 6600 eventually.
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