FTSE for FRIDAY #DAX #NASDAQ Sometimes a headline successfully says nothing and Reuters managed in beautifully on Thursday. Our own version would read; “we don’t have a clue, neither does the stock market, neither do politicians”. But we do have trigger levels!
The other day, we warned to pay attention to our initial targets but we’d a lack of confidence in our secondary upper target levels. It’s almost like the market itself was listening as now, the UK index requires better 7444 points before we dare take any rise seriously. A miracle such as this should signal coming growth to an unimpressive 7458 points. If exceeded, secondary calculates at 7470 points.
If triggered, the tightest stop appears to be at 7406 points.
The alternate comes with weakness now below 7383 as reversal on the FTSE down to 7358, followed by some sort of bounce makes sense. If broken, things are liable to get a little exciting as our secondary calculates at 7260 points!
We’ve very little to go on, given movements this week, which give any confidence for coming market direction. If we’d to guess, the visuals tell us not to be surprised at an attempt to match prior highs, making a near term ambition of 7470 fairly sane.
Have a good weekend. It is a F1 one, hopefully as good as the previous two.