#FTSE for FRIDAY & Anglo African Oil and Gas #DAX #BRENT Something really peculiar occurred with AAOG. When we last covered it (link here) our data provider claimed a low of 5p on November 8th. But when we checked actual trades, the lowest mid-price on the day was just above 6p! The peculiar thing was it reached our target of 10.25p quite confidently, a target extrapolated from the share price at our last commentary (6.9p) and the claimed low of November 8th (5p).
Genuinely, we’re in the dark over this. Our normal logic for price movements only produced the 10.25 target level based on the strength of a bounce from a low, a low which didn’t actually exist and now looks like one of these ‘fat finger’ fings.
The situation now is almost comical. Continued moves bettering 11.25 look capable of 12.8p next. If exceeded, our secondary is a less confident 14.25p though we should admit positive news could easily drive this to 16.4p, a point where a visual glass ceiling awaits. And all this magic is based on something we know to be untrue, due to literally checking every trade on the books for November 8th.
Our inclination, continue calculations, appears the only safe way to proceed given the market moved the price in accordance with this imaginary low! The price now needs below 7p to justify panic.
FTSE for FRIDAY. The market is now officially a shambles. From a bigger picture viewpoint, traffic now below 6536 enters a phase with an initial ambition of 6350 points. If broken, secondary is a bottom at 5840 points! Thursday presented a specific issue as the FTSE was expected to bounce at 6555 points. Instead, the market broke below this level, hitting a low of 6536 before the rebound.
The near term situation is fairly straightforward. The FTSE (the market during trading hours, not futures) requires above 6611 points to enter a cycle to an initial 6625 points. If exceeded, secondary is at 6650 points apparently. Unfortunately, we have to remember the index did break our 6555 on Thursday and this implies weakness. As a result, even though our initial target may be bettered, there’s a very real risk any rebound will fade by 6640 points.
Alternately, if it all intends go wrong, below 6536 expects a trip down to an initial 6490 points. If (when) broken, secondary is at 6430 points, a level where some sort of near term bounce can be hoped.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:05:05PM |
BRENT |
53.55 |
52.41 |
51.78 |
50.52 |
54.3 |
55.56 |
57.19 |
59.51 |
52.98 |
|
|
10:07:45PM |
GOLD |
1275.46 |
|||||||||
|
10:11:04PM |
FTSE |
6662.07 |
|||||||||
|
10:23:18PM |
FRANCE |
4654.2 |
|||||||||
|
10:26:01PM |
GERMANY |
10479.6 |
10420 |
10377.5 |
10173 |
10515 |
10510 |
10546 |
10631 |
10420 |
|
|
10:28:01PM |
US500 |
2489.32 |
|||||||||
|
10:44:46PM |
DOW |
23120 |
|||||||||
|
10:47:53PM |
NASDAQ |
6297.47 |
|||||||||
|
10:50:01PM |
JAPAN |
20028 |