FTSE for 10/05/2019

FTSE #DOW #GOLD We’ve some puzzlement about the price of Gold – and Bitcoin! Conventional wisdom used to suggest, when markets relax, Gold would strengthen. However, weakness since late April has seen the price of Gold essentially flatline. But Bitcoin has reached our target , growing 20%! Is Bitcoin the new Gold?

It’s funny but when searching for images relating to Bitcoin, invariably graphic design people opt to make the fake coin look like a gold coin. And now, when we witness markets such as the DOW, Germany, FTSE, and even Japan relax, it’s against a backdrop of Bitcoin strengthening.

If this is the case, there’s a pretty fair chance something interesting is about to happen.

Our last report against Bitcoin postulated the 6,000 dollar level as pretty important. In the last few weeks, the price has moved from the 5,000 mark to the 6,000 level and our usual logic suggests some hesitation in Bitcoin at this point. At time of writing, it’s at 6,065 and we’d been arguing for 6,034 – close enough! But the big question we’re asking is simple;

If Bitcoin hesitates, will the markets show recovery?

For this (POTENTIALLY DAFT) theory to be correct, we need to see the FTSE exceed 7234 today, Friday. This triggering movement should permit recovery to an initial, utterly unimpressive, 7244 points. Perhaps more useful, our secondary if such a level bettered, calculates at 7272 points. If triggered, the tightest stop is 7192 points – yesterdays low.

As always, we’ve a converse movement scenario.

Below 7192 now allows for 7180 points and hopefully a realistic bounce. There’s a big problem awaiting if 7180 breaks as our next calculation allows for a bottom at 7085 points. If triggered, the tightest stop is at 7244 points.

Have a good weekend. For us, it’s paella time  and the Spanish GP!

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:09:15PM

BRENT

70.01

               

10:11:06PM

GOLD

1284.48

1279

1276.175

1272.19

1287

1289

1297.635

1308.12

1279

10:12:59PM

FTSE

7251.14

               

‘cess

10:15:51PM

FRANCE

5357.8

               

‘cess

10:18:38PM

GERMANY

12076.75

               

‘cess

10:21:04PM

US500

2871.52

               

Success

10:30:24PM

DOW

25815

25555

25416

25200

25880

25927

26065

26253

25724

Success

10:34:13PM

NASDAQ

7584

               

Success

10:36:43PM

JAPAN

21310

               

Success

 

 

9/05/2019 FTSE Closed at 7207 points. Change of -0.88%. Total value traded through LSE was: £ 6,129,391,358 a change of -8.32%

Leave a Reply

Your e-mail address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.