FTSE for FRIDAY #DAX #SP500 The wonderful lack of logic which is the UK stock market continues to confuse, with Guernsey overtaking Reunion Island in checking our Friday projections. We rather like taking an “if it were a share” stance, when backed into the current corner as often this will prove the correct approach and get to the bottom of the problem.
Here goes then;
“If it were a share”, we’d feel comfortable it’s heading to 7400 next, perhaps even 7750 points! Quite a simple statement, one which cuts to the heart of the matter. Unfortunately, there’s an important thing we’ve failed to mention. “If it were a share, it’ll probably go down a bit before it goes up”.
The immediate situation points at traffic now below 7040 allowing the UK to weaken to 6967 points. In itself, this is a fairly reasonable drop and one which matches the uptrend (RED) since the start of this year. As a result, if 6967 makes a guest appearance anytime soon, the visuals indicate the market should rebound from such a level. Greater concern is our secondary calculation, should 6967 break as a future slump to 6870 looks extremely viable.
Near term, we’d pay attention should the FTSE weaken below 7040 as travel down to 6967 risks being rather swift. If triggered, the tightest stop position looks like 7120 points.
What happens if 7120 exceeded? Initially we’re looking for traffic upward to an initial 7180 points. And if exceeded, a further 115 points appears to be on offer, taking the index to 7295 points and beyond.
For now, we suspect the FTSE shall exhibit some continued reversal down to the 6967 level.
Have a good weekend.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
9:36:59PM |
BRENT |
66.4 |
|||||||||
|
9:38:54PM |
GOLD |
1313.23 |
Shambles |
||||||||
|
9:41:42PM |
FTSE |
7089.85 |
‘cess |
||||||||
|
9:43:59PM |
FRANCE |
5236.5 |
|||||||||
|
9:46:07PM |
GERMANY |
11537 |
11401 |
11368 |
11305 |
11496 |
11540 |
11581 |
11641 |
11446 |
‘cess |
|
9:48:03PM |
US500 |
2787.77 |
2779 |
2765 |
2749 |
2796 |
2796 |
2801.5 |
2809 |
2779 |
|
|
10:01:10PM |
DOW |
25929 |
|||||||||
|
10:03:48PM |
NASDAQ |
7106 |
|||||||||
|
10:05:27PM |
JAPAN |
21453 |
Success |
28/02/2019 FTSE Closed at 7074 points. Change of -0.46%. Total value traded through LSE was: £ 7,546,217,532 a change of 26.73%