FTSE for FRIDAY 9/10/2020

#FTSE #Brent It’s unusual, in these confused days, to stagger up to a Friday with some optimism but despite negative news from so many sources, the FTSE is somehow managing to look positive. Perhaps it’s related to the price of Brent Crude as the black stuff looks capable also of some near term price gains where above 44.6 dollars, the immediate target, should potentially signal a cycle commencing toward the 46.8 dollar mark.

 

As for the FTSE, with the index managing to close Thursday around the 5980 level, the market closed at the highest level in 14 sessions, officially ticking the box for a “Higher High”, thanks to the all important market closure level being comfortably above any intra-day level since September 21st. From our perspective, this is quite a big deal and tends suggest the FTSE shall need some pretty negative news to derail a sense of hope in the days and week ahead.

Near term, things promise to become interesting if the UK index wanders above 6012 points. This calculates as capable of triggering a movement toward an initial 6044 points with secondary, if exceeded, working out at 6095 points. In fact, while we do not expect movement in a single day, longer term 6175 appears to be exerting an attraction for the days ahead. If feeling insanely brave, the tightest stop in this scenario looks like a dreadfully wide 5929 points!

 

Our reasoning for such a ridiculous stop loss level comes from the optics of the last week as 5929 has made an appearance twice as a day low. Below 5929 suggests the possibility of reversal to an initial 5893 points with secondary, if broken, calculating at 5859 points.

 

As the chart inset shows, Thursday was also the first time the FTSE has managed to close a session above the Blue downtrend which commenced, when everything started to go horribly wrong in February. It’s officially “fingers crossed” time

 

Hey, chart goes here

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:30:49PM BRENT 43.59 42.15 41.835 42.55 43.59 43.725 42.8 Success
10:34:02PM GOLD 1893.83 1879 1868 1890 1896 1902 1890
10:49:09PM FTSE 6005.9 5968 5956.5 6000 6006 6025.5 ‘cess
10:51:09PM FRANCE 4925 4874 4859.5 4914 4930 4946.5 4906
10:53:44PM GERMANY 13084 12996 12955.5 13050 13104 13172 13043 ‘cess
10:55:37PM US500 3454 3422 3409.5 3446 3456 3472 3423 ‘cess
10:57:25PM DOW 28499 28254 28154.5 28415 28570 28714.5 28370 ‘cess
10:58:59PM NASDAQ 11573 11502 11464.5 11580 11595 11676.5 11539 ‘cess
11:00:48PM JAPAN 23634 23570 23539 23642 23671 23697 23570 Success
8/10/2020 FTSE Closed at 5978 points. Change of 0.54%. Total value traded through LSE was: £ 4,506,090,091 a change of -9.79%
7/10/2020 FTSE Closed at 5946 points. Change of -0.05%. Total value traded through LSE was: £ 4,994,944,768 a change of 3.84%
6/10/2020 FTSE Closed at 5949 points. Change of 0.12%. Total value traded through LSE was: £ 4,810,400,259 a change of 20.66%
5/10/2020 FTSE Closed at 5942 points. Change of 0.68%. Total value traded through LSE was: £ 3,986,790,747 a change of -6.97%
2/10/2020 FTSE Closed at 5902 points. Change of 0.39%. Total value traded through LSE was: £ 4,285,372,497 a change of -12.92%
1/10/2020 FTSE Closed at 5879 points. Change of 0.22%. Total value traded through LSE was: £ 4,921,284,024 a change of -5.87%
30/09/2020 FTSE Closed at 5866 points. Change of -0.53%. Total value traded through LSE was: £ 5,228,309,512 a change of 10.67%

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