Gold, Bitcoin & Our Free Friday FTSE

#Gold #FTSE

Someone emailed an interesting question; There’s an ongoing effort attempting to make Bitcoin the ‘new Gold’ in terms of perceived value. For time immemorial, Gold has been the favoured place of safety for money. After all, no matter what, there’s still Gold. Suspecting this effort is doomed to failure, the question was simple. Can we identify the level at which ‘the last straw’ breaks for Bitcoin?

 

It’s a fairly understandable stance, one which makes more sense than our own dislike for crypto currency. We don’t like it, simply due to the haphazard nature of the crypto marketplace. From our perspective, too often we see movements which appear leveraged against traders.  The immediate situation for Bitcoin (presently trading around $54,600) using conventional arguments, suggests above US $55,800 should make an attempt at the 60,000 level next. If bettered, there’s a heck of a calculation which gives $70,600 as the potential for a new all time high.

What concerns us, should the trigger level be exceeded, is any path to glory is liable to be paved with a few corpses. Bitcoin, similar to other crypto markets, is perfectly capable of throwing fake movements at traders, these bizarre momentary drops intended to trigger sell orders, prior to a movement up. In fact, the other wizard wheeze of a brief high to trigger buy orders, then equally brief reversal to trigger stop loss levels, isn’t an unknown ploy in the crypto market place.

If we stop grinding our axe, we can perhaps answer the question. Where’s the level where Bitcoin risks becoming a lost cause?

 

Visually, anything now below 29,000 dollars would justify extreme levels of concern. This risks triggering reversal to an initial 23,700 with secondary, if (or when) broken, at a bottom around $4,700. To be fair, when we review recent movements, even below $40,000 will provide strong reasons for a very raised eyebrow.

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Gold (COMEX:GC) As for Gold, something a bit odd happened a few sessions ago, a circled movement we’re inclined to suspect is providing early warning for coming trouble. The uptrend since March 2020 broke, the price quickly recovering above the trend as the market was clearly not in the mood for a sharp reversal. However, now below 1,727 dollars calculates as capable of reaching down to 1,695. If broken, our secondary works out with a hopeful bottom at $1,620. At present, Gold is feeling a little fragile.

Hey, chart goes here

The Friday FTSE (FTSE:UKX) It’s US ‘Non Farm Payrolls Day’ with an apparent expectation of a fall in jobless numbers around 235,000 people. It all kicks of at 13:30 and with the US markets presently treading on egg shells due to China Evergrande, Covid, energy prices, and a nuclear submarine collision in the South China Sea, things could go horribly wrong quite fast.

However, the UK market has been showing surprising strength, closing Thursday at 7083 points. It now need only exceed 7095 points and we should anticipate a climbing cycle to an initial 7145 points. If bettered, we can calculate a secondary at an impressive 7211 points. As always, beware any triggering movement which occurs in the opening seconds of trade. As it’s Payroll Friday, a curved ball should be expected.

Our converse scenario triggers if London manages below 7035 points. Reversal toward 7018 points looks possible with secondary, if broken, at a hopeful bottom of 6995 points.

Hey, chart goes here

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FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
9:41:19PM BRENT 82.28 81.35 81.205 82.12 82.3 82.435 81.5 Success
9:43:18PM GOLD 1756.78 1750 1746 1763 1767 1772 1754
9:45:21PM FTSE 7085.82 7040 7018 7074 7095 7118 7042 ‘cess
9:47:30PM FRANCE 6586 6543 6533 6592 6616 6629 6574 ‘cess
9:54:30PM GERMANY 15222 15109 15041 15195 15245 15270 15135 Success
9:56:27PM US500 4400.62 4378 4362 4408 4419 4439.75 4385 Success
10:03:43PM DOW 34766 34506 34389 34695 34983 35028.5 34670 Success
10:05:32PM NASDAQ 14907 14871 14809.5 14965 15015 15057.75 14870 Success
10:07:46PM JAPAN 28046 27616 27525 27840 28137 28560.5 27855 ‘cess

 

7/10/2021 FTSE Closed at 7078 points. Change of 1.19%. Total value traded through LSE was: £ 5,640,729,699 a change of -17.12%
6/10/2021 FTSE Closed at 6995 points. Change of -1.16%. Total value traded through LSE was: £ 6,806,025,968 a change of 27.41%
5/10/2021 FTSE Closed at 7077 points. Change of 0.94%. Total value traded through LSE was: £ 5,341,866,967 a change of -12.71%
4/10/2021 FTSE Closed at 7011 points. Change of -0.23%. Total value traded through LSE was: £ 6,119,595,465 a change of -4.22%
1/10/2021 FTSE Closed at 7027 points. Change of -0.83%. Total value traded through LSE was: £ 6,388,941,462 a change of -10.36%
30/09/2021 FTSE Closed at 7086 points. Change of -0.31%. Total value traded through LSE was: £ 7,127,714,126 a change of 20.18%
29/09/2021 FTSE Closed at 7108 points. Change of 1.14%. Total value traded through LSE was: £ 5,930,956,235 a change of -17.13%

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:AFC AFC Energy** **LSE:ASC Asos** **LSE:BLOE Block Energy PLC** **LSE:CBX Cellular Goods** **LSE:CNA Centrica** **LSE:HL. Hargreaves Lansdown** **LSE:RR. Rolls Royce** **LSE:SRP Serco** **LSE:STAN Standard Chartered** **LSE:TSCO Tesco** **

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Updated charts published on : AFC Energy, Asos, Block Energy PLC, Cellular Goods, Centrica, Hargreaves Lansdown, Rolls Royce, Serco, Standard Chartered, Tesco,

LSE:AFC AFC Energy Close Mid-Price: 43.8 Percentage Change: -0.45% Day High: 46.85 Day Low: 43.25

If AFC Energy experiences continued weakness below 43.25, it will invaria ……..

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View Previous AFC Energy & Big Picture ***

LSE:ASC Asos Close Mid-Price: 2796 Percentage Change: -0.21% Day High: 2901 Day Low: 2691

If Asos experiences continued weakness below 2691, it will invariably lea ……..

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View Previous Asos & Big Picture ***

LSE:BLOE Block Energy PLC Close Mid-Price: 1.7 Percentage Change: -26.09% Day High: 1.95 Day Low: 1.55

Target met. Weakness on Block Energy PLC below 1.55 will invariably lead ……..

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LSE:CBX Cellular Goods Close Mid-Price: 6.88 Percentage Change: -1.01% Day High: 7.05 Day Low: 6.85

It’s easy to believe the market is simply playing games now with traders, ……..

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LSE:CNA Centrica. Close Mid-Price: 58.86 Percentage Change: + 2.22% Day High: 59.68 Day Low: 58.4

All Centrica needs are mid-price trades ABOVE 59.68 to improve accelerati ……..

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LSE:HL. Hargreaves Lansdown Close Mid-Price: 1399 Percentage Change: -1.13% Day High: 1428 Day Low: 1366.5

Target met. Weakness on Hargreaves Lansdown below 1366.5 will invariably ……..

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LSE:RR. Rolls Royce. Close Mid-Price: 141.22 Percentage Change: + 0.51% Day High: 143.74 Day Low: 140.38

I’m now inclined to a different attitude against this. From a bigger pictu ……..

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LSE:SRP Serco Close Mid-Price: 128.1 Percentage Change: -1.99% Day High: 132.1 Day Low: 127.3

Target met. In the event Serco experiences weakness below 127.3 it calcul ……..

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LSE:STAN Standard Chartered. Close Mid-Price: 472 Percentage Change: + 4.77% Day High: 475.2 Day Low: 454.8

Further movement against Standard Chartered ABOVE 475.2 should improve ac ……..

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LSE:TSCO Tesco. Close Mid-Price: 273.15 Percentage Change: + 1.90% Day High: 274.9 Day Low: 268.65

Further movement against Tesco ABOVE 274.9 should improve acceleration to ……..

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*** End of “Updated Today” comments on shares.

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