#FTSE #Gold It’s easy to be irritated at the pace of FTSE recovery, especially compared with the US, most of Europe and the rest of the world. Perhaps it’s an inverse relationship to death rates. Even Brazils bounce from the initial Covid-19 low has outstripped UK performance. France, however, looks a bit problematic, tending to echo the UK’s lacklustre performance.
What’s interesting us about France is the presence of an important trigger level at 5195 points. If this market manages to close a session above such a level, some quite strong recovery can be mapped to an initial 5390 with secondary, if bettered, working out at 5715 points. Despite the CAC40 trading at 5049 (at time of writing), there appears sufficient reason to hope something is changing.
For France, near term moves above 5072 suggest the potential of recovery to an initial 5175 points with secondary, if bettered, at 5246 points. Theoretically, this should propel the index within reach of the 5195 trigger level.
As for the FTSE, the important level the UK index requires better at attain “safety” is at 6750 points. Alas, we’re experiencing some difficulty finding sufficient logic capable of exceeding this level. We can calculate fairly close to this level but presently cannot invent an argument capable of bringing the UK market above this ideal point, with gains above 6750 promising the Covid-19 drop should be left behind as strong recovery becomes possible.
Near term, above 6262 points should provoke a fairly lame looking 6292 points with secondary, if bettered, a more encouraging 6330 points. Overall, we are supposed to believe the overall attraction shall come from 6385 points. It is interesting to note the Blue downtrend since February has proven more sacrosanct than the border around Leicester.
If triggered, the tightest stop looks like 6198 points.
The alternate scenario threatens of weakness below 6198 generating reversal to 6135 points. If broken, secondary is a slightly scary 6053 points, a move which will hint next week shall be pretty foul on the FTSE.
However, from the point at which the index closed Thursday, it feels like Friday should provide some upward entertainment. In addition, the first F1 race of 2020 is scheduled to happen in Austria (behind closed doors) and thus, optimism is permitted.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:03:26PM | BRENT | 42.79 | 42 | 41.56 | 42.68 | 43.25 | 43.52 | 42.3 | ‘cess | ||
| 10:05:21PM | GOLD | 1775.79 | 1757 | 1751 | 1775 | 1780 | 1783.5 | 1766 | Shambles | ||
| 10:13:41PM | FTSE | 6239 | 6178 | 6149.5 | 6229 | 6263 | 6279.5 | 6194 | ‘cess | ||
| 10:15:56PM | FRANCE | 5027.7 | 4954 | 4940 | 4983 | 5057 | 5069.5 | 5019 | Success | ||
| 10:18:15PM | GERMANY | 12572 | 12315 | 12224.5 | 12514 | 12633 | 12646.25 | 12462 | Success | ||
| 10:19:51PM | US500 | 3134.82 | 3111 | 3104 | 3140 | 3156 | 3177.75 | 3125 | ‘cess | ||
| 10:22:09PM | DOW | 25858 | 25779 | 25727 | 25959 | 26226 | 26269 | 25955 | Success | ||
| 10:24:09PM | NASDAQ | 10361 | 10289 | 10248.5 | 10369 | 10433 | 10495 | 10328 | Sorry | ||
| 10:26:26PM | JAPAN | 22315 | 22217 | 22184 | 22376 | 22379 | 22486.75 | 22266 | Shambles |
