FTSE for Friday & Wall St, a match made in hell

#FTSE #DJI There’s something distinctly strange going on, as evinced by the Bank of England on Thursday. By announcing a long recession, along with the deepest plunge in living standards ever, the organisation gave a subtle hint things may not be rosy for the next 18 months or so. Perhaps politicians shall decide to throw street parties to combat this misery?

The “strange” element of all this gloom is the markets don’t currently seem to be embracing the concept of a recession, perhaps quite the opposite. It may be the case the current boost in corporate profits, due to price gouging, will face payback. With the service sector announcing their worst month, since the pandemic lockdown started, maybe we’re seeing the opening salvo of what’s to come. It’s also quite curious, with Crude Oil prices now flirting with a reversal cycle (ie; Brent Crude to $77 looks possible), we can entertain a faint hope of a reduction in fuel costs. Unfortunately, for this to become a reality, it will require oil refineries to revisit a pricing structure based on greed. Fuel prices will not experience “proper” reversal until such time the cost of cooking a barrel of oil returns to sane levels. The current increase, from pre-pandemic $9 to between $39 and $50 dollars to refine a barrel, may prove difficult to sustain in the face of reduced demand, due to the forecast recession.

From an immediate perspective, Wall St (The Dow Jones Industrial Average, it’s tedious name) is trading around 32,726 at time of writing. This index needs exceed just 32,914 points to suggest coming movement to an initial 33,137 points, a fairly tame increase which simply matches the highs of June. Should such a level be exceeded, our secondary is at 33,758 points, along with a challenge against the Blue downtrend for 2022. It’s interesting, closure above such a level is liable to be game changing, allowing a future cycle toward 36,875 points!

Should everything plan to go pear shaped on Wall St, the index needs below 30,500 points (Red on the chart) to risk a reversal cycle which permits a future 25,600 as a hopeful bottom. Amusingly, should such a level break, an ultimate bottom calculates around 16,000 points, undoing all the gains experienced since Mr Trump became president…

As for the FTSE for Friday, the UK market is proving slightly less optimistic than the US. As usual, there’s a plethora of probable causes, the Conservative Ugly Baby contest, Brexit, Bank of England, August holiday time, or even the weather but, the FTSE has not been holding any lasting upward momentum recently. This week has been as concise in direction as a bluebottle, all calculations suggesting the market should be heading up, the market refusing to co-operate. The immediate situation is pitiful, working out with movement above 7,492 presenting a useless challenge of attaining 7,513 points next. Even our secondary, should such a level be exceeded, is pretty dismal and works out at 7,531 points. About the only hope possible is our theoretical 3rd target level of 7,587 but in a week where only initial targets were being attained, we’re not inclined to any great hope for this ambition.

In addition, there’s now a tiny little problem at 7,410 points.

Should this level break, a reversal cycle to 7,340 looks possible as our initial target. If broken, our secondary calculates at 7,317 points. In this instance, a surprisingly tight stop loss level looks possible around 7,450 points.

Have a good weekend and relax, it’s only another 21 days until the next Grand Prix weekend

 

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
9:16:34PM BRENT 93.47 93 92.61 94.22 97.84 99.66 96 Success
9:18:28PM GOLD 1792.53 1766 1755 1774 1795 1805 1775 Success
9:20:23PM FTSE 7435 7416 7399 7444 7466 7482 7442 Shambles
9:22:44PM STOX50 3753 3731 3717 3762 3762 3761 3740 Success
9:24:52PM GERMANY 13655 13613 13544 13691 13796 13851 13601 Success
9:36:07PM US500 4150.97 4133 4119 4159 4171 4179 4144
9:37:38PM DOW 32745 32640 32579 32756 32906 32951 32763
9:39:01PM NASDAQ 13306 13163 13099 13254 13334 13394 13248
9:56:47PM JAPAN 27877 27820 27711 27929 27965 27987 27895 ‘cess

 

4/08/2022 FTSE Closed at 7448 points. Change of 0.04%. Total value traded through LSE was: £ 5,653,918,717 a change of 0.91%
3/08/2022 FTSE Closed at 7445 points. Change of 0.49%. Total value traded through LSE was: £ 5,602,756,478 a change of -3.28%
2/08/2022 FTSE Closed at 7409 points. Change of -0.05%. Total value traded through LSE was: £ 5,792,539,911 a change of 52.35%
1/08/2022 FTSE Closed at 7413 points. Change of -0.13%. Total value traded through LSE was: £ 3,802,113,332 a change of -37.81%
29/07/2022 FTSE Closed at 7423 points. Change of 1.06%. Total value traded through LSE was: £ 6,113,428,375 a change of 2.61%
28/07/2022 FTSE Closed at 7345 points. Change of -0.04%. Total value traded through LSE was: £ 5,958,117,609 a change of -17.71%
27/07/2022 FTSE Closed at 7348 points. Change of 0.57%. Total value traded through LSE was: £ 7,240,157,901 a change of 9.37%

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:BP. BP PLC** **LSE:BT.A British Telecom** **LSE:DARK Darktrace Plc** **LSE:EXPN Experian** **LSE:IAG British Airways** **LSE:IGAS Igas Energy** **LSE:OCDO Ocado Plc** **LSE:ODX Omega Diags** **LSE:SRP Serco** **LSE:VOD Vodafone** **LSE:ZOO Zoo Digital** **

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Updated charts published on : BP PLC, British Telecom, Darktrace Plc, Experian, British Airways, Igas Energy, Ocado Plc, Omega Diags, Serco, Vodafone, Zoo Digital,

LSE:BP. BP PLC Close Mid-Price: 408 Percentage Change: -0.66% Day High: 420.85 Day Low: 406.8

All BP PLC needs are mid-price trades ABOVE 420.85 to improve acceleratio ……..

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LSE:BT.A British Telecom Close Mid-Price: 156.2 Percentage Change: -3.28% Day High: 157.3 Day Low: 154

If British Telecom experiences continued weakness below 154, it will inva ……..

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LSE:DARK Darktrace Plc. Close Mid-Price: 400 Percentage Change: + 0.03% Day High: 402.4 Day Low: 397

In the event of Darktrace Plc enjoying further trades beyond 402.4, the s ……..

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LSE:EXPN Experian. Close Mid-Price: 2927 Percentage Change: + 1.07% Day High: 2946 Day Low: 2884

In the event of Experian enjoying further trades beyond 2946, the share s ……..

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LSE:IAG British Airways. Close Mid-Price: 119.5 Percentage Change: + 0.42% Day High: 121.06 Day Low: 118.36

All British Airways needs are mid-price trades ABOVE 121.06 to improve a ……..

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LSE:IGAS Igas Energy. Close Mid-Price: 49.25 Percentage Change: + 4.34% Day High: 49.9 Day Low: 48.1

Target met. Continued trades against IGAS with a mid-price ABOVE 49.9 sho ……..

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LSE:OCDO Ocado Plc. Close Mid-Price: 940 Percentage Change: + 3.05% Day High: 989.6 Day Low: 914

Target met. Further movement against Ocado Plc ABOVE 989.6 should improve ……..

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LSE:ODX Omega Diags Close Mid-Price: 3.17 Percentage Change: -5.93% Day High: 3.35 Day Low: 3.05

Weakness on Omega Diags below 3.05 will invariably lead to 2.5 with secon ……..

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LSE:SRP Serco Close Mid-Price: 183.2 Percentage Change: -0.97% Day High: 199 Day Low: 183.1

Target met. In the event of Serco enjoying further trades beyond 199, the ……..

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LSE:VOD Vodafone Close Mid-Price: 118.64 Percentage Change: -0.19% Day High: 119.12 Day Low: 117.42

Continued weakness against VOD taking the price below 117.42 calculates a ……..

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LSE:ZOO Zoo Digital. Close Mid-Price: 142.5 Percentage Change: + 1.79% Day High: 148.5 Day Low: 142.5

Target met. All Zoo Digital needs are mid-price trades ABOVE 148.5 to imp ……..

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

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