Ferrari and Friday FTSE for 14/06/2019

#Brent #France Despite enjoying a horrific F1 season, Ferrari share price appears to be resilient. We’d assumed, following last weekends attempt to “cheat” their way to victory, the price would take a hammering but instead, it remains on track with hope of giving further growth to new highs.

The furore over a Ferrari driver who, when pressured for the lead, drove off track, cutting a corner. Once the car was completely off track, the following Mercedes was thus in the lead until the Ferrari bloke rejoined the track and tried force him into the wall. For a few days, plenty of ex-F1 drivers were moaning Ferrari should not have suffered a penalty, that chorus of complaint abruptly stopping when technical data was published showing exactly what the Ferrari guy had done. There’s nothing quite like a bit of controversy to make a race interesting but we’d question why the Ferrari just didn’t cede the place they’d gained unfairly?

Perhaps the more interesting thing about this nonsense is final proof Ferrari performance on track has nothing to do with their share price!

The immediate situation allows for moves above 155.75 to provoke continued growth to 160 and a new all time high. Of greater interest is the secondary, should 155.75 be exceeded. We calculate Ferrari has sufficient impetus for a longer term boost to 185. For it all to go wrong, the share requires closing a session below 132 dollars. While perhaps below the immediate uptrend at 140 will serve to cancel the future, we’d really prefer the 132 level as the “safe” point for stop loss.

FTSE for FRIDAY Less controversial the Ferrari but no less exciting (okay, that’s rubbish), the UK index broke the immediate uptrend for 2019, only to recover above it a few weeks later. In fact, from a bigger picture perspective, it’s difficult not to admit we suspect the next major point of interest is around the 7,600 level. Our usual logic implies this means short positions are liable to underperform.

Near term, reversal below 7350 suggests coming travel down to 7300, a point we’d expect a rebound. In fact, we’d have considerable alarm if 7300 breaks as reversal to 7230 and below becomes very possible.

More likely, it appears moves below 7381 should power recovery to a truly useless 7392 points. What surprises, if 7392 is exceeded, is our secondary at 7471 points, along with a challenge of the downtrend since last year. Recent, often grudging, movements of the FTSE tend suggest hoping for a 100 point day should join other ambitions, such as wishing the media would focus less Brexit and political leadership campaigns. Surely there’s a cat up a tree somewhere, deserving an in-depth report.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:47:40PM

BRENT

60.98

59.41

58.665

57.48

61.03

62.22

62.4375

62.9

60.37

‘cess

9:49:13PM

GOLD

1342.08

               

‘cess

9:54:08PM

FTSE

7376.82

               

9:56:01PM

FRANCE

5371.5

5352

5335

5303

5393

5395

5412

5432

5357

9:58:10PM

GERMANY

12180

               

‘cess

10:00:15PM

US500

2894.42

               

10:02:11PM

DOW

26121.6

               

Shambles

10:15:23PM

NASDAQ

7508.37

               

10:20:14PM

JAPAN

21062

               

Success

13/06/2019 FTSE Closed at 7368 points. Change of 0.01%. Total value traded through LSE was: £ 4,923,428,175 a change of -21.53%

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