#DOW #FTSE #Bitcoin remains attracting plenty of interest, despite the inability of folk to trade it via conventional, respectable, brokers. However, when it managed to ditch 30% of its value during an amazing session on Wednesday, we’re curious as to whether folk remain fascinated. Someone, somewhere, probably thought it was a solid BUY at $39k on Wednesday at noon, the price matching the low of the day. Just 2 hours later, it had lost another $9,000, inevitably collecting a lot of ‘stops’ on the way down.
Once sufficient stop losses had been harvested just above the $30,000 level, the price recovered as if nothing serious had happened.
In fairness, not only Bitcoin experienced a mugging. The issue spread throughout crypto-land, Ethereum being down 43% at one point. All things considered, Wednesday was a bad day for crypto currency but probably a good day for underwear sales. The issue now is one of recovery or more correctly, will it recover?
Presently trading around $39,600, Bitcoin presents a puzzle for the reversal experienced. We had fully expected it to fall further, a suspicion which has failed to go away. In the event of the value now breaking below $37,500, there’s a distinct risk of a reversal cycle commencing to an initial $26,200 with secondary, when broken, at a bottom (hopefully) of $21,100 along with an (almost) certain bounce. We are currently unable to calculate anything below the $21k level and for this reason alone, would hope for a significant rebound if such a point is discovered.
To point at a return to happy Bitcoin days, the price needs above $42,700 as this is supposed to trigger recovery to an initial $50,600. If exceeded, our secondary works out at $61,200. Our expectations of such a secondary appearing anytime soon, are roughly at a similar level as anticipating Chelsea fans staging a track invasion at this weekends Monaco Grand Prix.
FTSE for FRIDAY Fridays tend treat the FTSE fairly indifferently but for some reason, our outlook for the day calculates fairly positively. It’s certainly unlikely to be anything related to Formula 1 as Monaco must surely qualify as the one race the sport could do without. Unless it rains, the prospect of watching a 200mph convoy for 90 minutes tends to lack appeal. It’s a race which only assumes attraction, if attending in person. With someone else preferably paying the bills. Generally, whoever starts in front, stays in front and that’s it.
Oddly, the FTSE has prepared itself for Friday by slightly nudging to the front, hence our optimism.
Above 7020 points suggests the possibility of some useless growth toward an initial 7031 points. Hopefully the UK market doesn’t opt to spoil the day by choosing to open for trade around the 7031 level as this will tend dampen our expectations. Above 7031 could easily trigger ongoing recovery toward 7074 points with secondary, if exceeded, a less likely 7127 points.
If triggered, the tightest stop loss level looks like 6965 points.
The alternate scenario, if everything intends go pear shaped, demands the market weaken below 6950. This risks triggering a reversal cycle to an initial 6807 points. If broken, we’d hope the pattern would bottom at 6688 points.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:07:55PM | BRENT | 64.98 | 64.75 | 64.55 | 65.63 | 66.1 | 67.225 | 65.32 | ‘cess | ||
| 10:10:00PM | GOLD | 1877.45 | 1865 | 1860 | 1879 | 1880 | 1886.5 | 1872 | |||
| 10:12:35PM | FTSE | 7022 | 6953 | 6937 | 7007 | 7031 | 7063.5 | 6950 | |||
| 10:15:33PM | FRANCE | 6351 | 6305 | 6293 | 6330 | 6365 | 6374 | 6332 | Success | ||
| 10:18:44PM | GERMANY | 15349 | 15281 | 15261.5 | 15344 | 15398 | 15521.5 | 15283 | ‘cess | ||
| 10:21:05PM | US500 | 4155 | 4081 | 4045 | 4126 | 4174 | 4199 | 4128 | Success | ||
| 10:24:10PM | DOW | 34069 | 33770 | 33698 | 34004 | 34224 | 34257 | 34036 | Success | ||
| 10:26:55PM | NASDAQ | 13494 | 13382 | 13369 | 13508 | 13529 | 13578 | 13388 | |||
| 10:29:13PM | JAPAN | 28174 | 27963 | 27890 | 28082 | 28307 | 28334 | 28143 | ‘cess |
20/05/2021 FTSE Closed at 7020 points. Change of 1.01%. Total value traded through LSE was: £ 5,646,307,617 a change of -4.36%
19/05/2021 FTSE Closed at 6950 points. Change of -1.19%. Total value traded through LSE was: £ 5,903,633,845 a change of 15.89%
18/05/2021 FTSE Closed at 7034 points. Change of 0.03%. Total value traded through LSE was: £ 5,094,076,340 a change of 18.05%
17/05/2021 FTSE Closed at 7032 points. Change of -0.16%. Total value traded through LSE was: £ 4,315,305,188 a change of -15.16%
14/05/2021 FTSE Closed at 7043 points. Change of 1.15%. Total value traded through LSE was: £ 5,086,620,345 a change of -7.58%
13/05/2021 FTSE Closed at 6963 points. Change of -0.59%. Total value traded through LSE was: £ 5,503,652,334 a change of -7.78%
12/05/2021 FTSE Closed at 7004 points. Change of 0.82%. Total value traded through LSE was: £ 5,968,278,155 a change of -15.12%
SUCCESS above means both FAST & SLOW targets were met. ‘CESS means just the FAST target met and probably the next time it is exceeded, movement to the SLOW target shall commence.
Our commentary is in two sections. Immediately below are today’s updated comments. If our commentary remains valid, the share can be found in the bottom section which has a RED heading. Hopefully, this will mean you no longer need to flip back through previous reports. HYPERLINKS DISABLED IN THIS VERSION
Please remember, all prices are mid-price (halfway between the Buy and Sell). When we refer to a price CLOSING above a specific level, we are viewing the point where we can regard a trend as changing. Otherwise, we are simply speculating on near term trading targets. Our website is www.trendsandtargets.com.
UPDATE. We often give an initial and a secondary price. If the initial is exceeded, we still expect it to fall back but the next time the initial is bettered, the price should continue to the secondary. The converse it true with price drops.
We can be contacted at info@trendsandtargets.com. Spam filters set to maximum so only legit emails get through…
Section One – Outlook Updated Today. Click here for Section Two – Outlook Remains Valid shares
Click Epic to jump to share: LSE:AGM Applied Graphene** **LSE:BLVN Bowleven** **LSE:CASP Caspian** **LSE:CNA Centrica** **LSE:DGE Diageo** **LSE:ECO ECO (Atlantic) O & G** **LSE:NG. National Glug** **LSE:PHP Primary Health** **LSE:POLY Polymetal** **LSE:RMG Royal Mail** **LSE:SCLP Scancell** **LSE:ZOL Zoldav** **
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Updated charts published on : Applied Graphene, Bowleven, Caspian, Centrica, Diageo, ECO (Atlantic) O & G, National Glug, Primary Health, Polymetal, Royal Mail, Scancell, Zoldav,
LSE:AGM Applied Graphene. Close Mid-Price: 32.6 Percentage Change: + 4.15% Day High: 34 Day Low: 32.5
Price movements continue to behave like a drunk, trying to put his trouser ……..
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View Previous Applied Graphene & Big Picture ***
LSE:BLVN Bowleven. Close Mid-Price: 4.25 Percentage Change: + 0.00% Day High: 4.25 Day Low: 3.9
If Bowleven experiences continued weakness below 3.9, it will invariably ……..
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View Previous Bowleven & Big Picture ***
LSE:CASP Caspian. Close Mid-Price: 2.12 Percentage Change: + 0.00% Day High: 2.12 Day Low: 2.12
Target Met but it has utterly failed to bounce. The share needs above 2.6 ……..
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View Previous Caspian & Big Picture ***
LSE:CNA Centrica Close Mid-Price: 52.32 Percentage Change: -1.47% Day High: 52.84 Day Low: 51.74
Target met. Weakness on Centrica below 51.74 will invariably lead to 49.5 ……..
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View Previous Centrica & Big Picture ***
LSE:DGE Diageo. Close Mid-Price: 3402.5 Percentage Change: + 1.66% Day High: 3400.5 Day Low: 3356.5
Continued trades against DGE with a mid-price ABOVE 3400.5 should improve ……..
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View Previous Diageo & Big Picture ***
LSE:ECO ECO (Atlantic) O & G. Close Mid-Price: 22.75 Percentage Change: + 1.11% Day High: 22.75 Day Low: 22.5
Outlook unchanged: This is still a little worrying, needing below 21p to r ……..
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View Previous ECO (Atlantic) O & G & Big Picture ***
LSE:NG. National Glug. Close Mid-Price: 950.9 Percentage Change: + 2.18% Day High: 949.3 Day Low: 927.4
In the event of National Glug enjoying further trades beyond 949.3, the s ……..
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View Previous National Glug & Big Picture ***
LSE:PHP Primary Health. Close Mid-Price: 151.8 Percentage Change: + 0.13% Day High: 152.9 Day Low: 151.3
PHP continues to bore us silly, the price failing comprehensively to do an ……..
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View Previous Primary Health & Big Picture ***
LSE:POLY Polymetal. Close Mid-Price: 1714 Percentage Change: + 1.18% Day High: 1717 Day Low: 1685
Further movement against Polymetal ABOVE 1717 should improve acceleration ……..
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View Previous Polymetal & Big Picture ***
LSE:RMG Royal Mail. Close Mid-Price: 539.8 Percentage Change: + 2.82% Day High: 540 Day Low: 495.7
Target met. Further movement against Royal Mail ABOVE 540 should improve ……..
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View Previous Royal Mail & Big Picture ***
LSE:SCLP Scancell. Close Mid-Price: 21 Percentage Change: + 0.00% Day High: 21 Day Low: 21
This is looking worrying as below 19.75 risks reversal to an initial 17.5 ……..
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View Previous Scancell & Big Picture ***
LSE:ZOL Zoldav Close Mid-Price: 26.5 Percentage Change: -3.64% Day High: 27.5 Day Low: 26.5
Continued weakness against ZOL taking the price below 26.5 calculates as ……..
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View Previous Zoldav & Big Picture ***