#DOW #Nasdaq #Gold Our world famous “FTSE for FRIDAY” continues to attract surprising viewers. Currently Russia ranks as #5 in our Top Ten visitor sources, thus deserving an attempt to reciprocate the interest. Thankfully Reunion Island in the Indian Ocean also remains a regular attendee in our Friday traffic sources, a travel ambition which shall doubtless remain unfilled (travel insurance issues).
For a while, it was looking like UK Sterling intended strengthen quite firmly against the Ruble. Presently trading around the 96 level, the pairing needed only exceed 101 to trigger movement to an initial 104 with secondary, if exceeded, at a longer term 109. Perhaps of greater importance, this would place the relationship in a position where a long term 114 becomes believable, challenging the all time highs of 4 years ago.
Needless to say, anything involving Sterling at present is fraught with danger, doubtless due to the UK’s increased efforts to confirm its reputation as unreliable and unsafe, internationally. This has created the situation where weakness on GBPRUB below 94 risks provoking reversal to an initial 89, something which makes visual sense. We’re less confident about our secondary calculation, down at 79.
FTSE for FRIDAY Despite some recent gains in the UK market, it’s not in a happy place thanks to the FTSE doing everything to signal it intends bottom around the 5,600 level. Everything, that is, except actually drop to the target level. The index does require above 6,200 points to escape this immediate danger and we suspect, while the threat remains, short positions shall continue to outperform whereas long positions shall continue to fall short of targets.
No-one ever said the market is a simple place but we feel it wise to tailor expectations in accordance with the markets mood. Grimly holding on for a Long target level to appear risks disappointment, if the index changes direction before reaching whatever ambition was in place.
The immediate situation suggests strength above 6,034 points should make an attempt at an initial 6,103 points. If bettered, our secondary calculates at 6,211 points and an attempt against the Blue trend line on the chart below.
If mischief is planned, the FTSE needs dribble below 5,942 points as this looks capable of triggering reversals to an initial 5,891 points. If broken, our secondary works out at 5,822 points.
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
10/09/2020 FTSE Closed at 6003 points. Change of -0.15%. Total value traded through LSE was: £ 3,837,937,083 a change of -13.67%
9/09/2020 FTSE Closed at 6012 points. Change of 1.38%. Total value traded through LSE was: £ 4,445,872,932 a change of -0.63%
8/09/2020 FTSE Closed at 5930 points. Change of -0.12%. Total value traded through LSE was: £ 4,474,047,176 a change of 45.17%
7/09/2020 FTSE Closed at 5937 points. Change of 2.38%. Total value traded through LSE was: £ 3,081,866,920 a change of -35.14%
4/09/2020 FTSE Closed at 5799 points. Change of -0.87%. Total value traded through LSE was: £ 4,751,494,897 a change of 11.8%
3/09/2020 FTSE Closed at 5850 points. Change of -1.52%. Total value traded through LSE was: £ 4,250,184,579 a change of -2.94%
2/09/2020 FTSE Closed at 5940 points. Change of -100%. Total value traded through LSE was: £ 4,378,771,754 a change of 0%
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