Our apologies for the loss of our website on Thursday. Our hosting company, 123-Reg, cheerfully announced they had “upgraded” their service successfully.
Immediately thereafter, our website vanished! Bit by bit, the issues are being sorted. Finally getting charts to display.
Many thanks to those kind folk who find the adverts on this page interesting.
FTSE for FRIDAY (FTSE:UKX) A week ago, we commented the UK market was perhaps on the edge of a revolution and indeed, it has spent the last week behaving in a revolting manner. Our suspicion was the UK may opt to follow the French model, essentially mess around for a couple of weeks, then break north to challenge the highs achieved pre-Covid. It now looks like the FTSE only needed a week chasing its tail as there’s some pretty firm suggestions the UK market should experience some real recovery.
For the UK, the market level pre-Covid was 7,500 points and it’s presently around 6,980 points. Our suggestion therefore is to anticipate growth of just above 7% in the week again and again, if the French model proves a valid role model, to anticipate some hesitation for a week or so. As always appears the case with the FTSE, there’s a fairly major spanner in the ointment.
Currently, from a Big Picture perspective, we calculate movement above 7,000 points should justify market growth toward 7,264 points. If exceeded, our longer term secondary works out at 8,069 points. Noticeably absent from our calculations is any reason to expect hesitation at the 7,500 level as the Big Picture suggests the market should simply keep going, should our initial 7,264 be exceeded. Curiously, something similar was possible with the French CAC40 index, a curiosity the market opted to deal with on March 11th by simply gapping the CAC40 up above the critical 6,000 point level before trading commenced.
It’s certainly going to prove interesting, watching FTSE behaviour in the weeks ahead.
http://www.trendsandtargets.com/img/ukx150421.jpg
As for our FTSE for FRIDAY, near term movement exceeding 7,000 points should attempt an initial 7,021 points with secondary, if exceeded, a rather more useful 7,059 points. Amazingly, such has been market strength we can present a third target level, doubtless is some very positive news appears as allegedly 7,123 points is a viable ambition.
For everything to “maybe” go wrong, the index needs slip below 6,950 points as this calculates with a drop potential to an initial 6,940 with secondary, if broken, at 6,920 points. In reality, the FTSE needs slip below 6,800 before we’d be forced to regard reversals as serious.
Have a good weekend and enjoy the Grand Prix.
