This week has been utterly banana’s across the markets, not just the FTSE, lots of rises which proved fake and short lived, some falls which appear uncertain and again, short lived. In an effort to throw some light on potential market directions, we took a look at Thursdays closing prices across a range of index’. The results proved as illuminating as a worn out toothbrush.
|Index||Thursday Close||Thursday Low||Previous Low||Conclusion||Change %|
|S&P 500||3645||3610||3623||Lower Low||-0.36|
|Stoxx 50||3273||3249||3260||Lower Low||-0.34|
|UK AIM||798||798||799||Lower Low||-0.13|
|Wall St||29237||28997||28953||Higher Low||0.15|
|UK FTSE||6864||6829||6836||Lower Low||-0.10|
As can be seen in the table above, where markets closed Thursday with “Lower Lows”, the resultant percentage wasn’t entirely scary. Equally, on the two index where the market closed with High Lows, the percentage improvement didn’t exactly set the heather on fire. About the best we dare conclude from the above is fairly obvious, 6 out of 8 markets achieved Lower Lows with the result we should really suspect some continuance of grotty market conditions. The strange thing is, we’ve been suspecting the UK market shall bottom around 6750 for some time and the index is within a nod of achieving such a goal. To be honest, this suspected “bottom” is now being adjusted upward to around 6783 points, thanks to the utterly insane market swings experienced in the last couple of sessions. But making matters worse, these insane swings also introduce a Plus or Minus 20 points against this potential bottom!
There’s another question we’d like to skip neatly past but, what happens if our original 6750 level breaks? It feels like the FTSE shall continue to enjoy inflicting misery on traders as we expect a real bottom to make itself known at 6500 points. It’s perhaps worth remembering, on a daily basis we scan many shares and this week has seen a truly excessive number of UK stocks triggering downward movements.
From a near term perspective, the FTSE apparently requires to exceed 6917 points to trigger the potential of surprise recovery to an initial 6941 points. If bettered, our secondary calculation comes in at a more encouraging 7013 points.
The converse picture is less happy as below 6829 works out with reversal potentials to an initial 6770 with secondary, if broken, at 6718, taking the index into a region where a bottom around 6500 starts to look extremely probable.
To eradicate all this misery, the UK index needs a miracle above 7179 points, something which currently looks quite impossible.
On the bright side, it’s the Singapore Grand Prix this weekend and we’d like to thank one of our clients for sparing an invitation to visit and watch the race from his shack! <joking>
Have a good weekend.
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
29/09/2022 FTSE Closed at 6881 points. Change of -1.77%. Total value traded through LSE was: £ 7,098,757,750 a change of -12.95%
28/09/2022 FTSE Closed at 7005 points. Change of 0.3%. Total value traded through LSE was: £ 8,154,391,132 a change of 17.78%
27/09/2022 FTSE Closed at 6984 points. Change of -0.51%. Total value traded through LSE was: £ 6,923,595,633 a change of 5.34%
26/09/2022 FTSE Closed at 7020 points. Change of 0.03%. Total value traded through LSE was: £ 6,572,681,049 a change of 1.53%
23/09/2022 FTSE Closed at 7018 points. Change of -1.97%. Total value traded through LSE was: £ 6,473,438,666 a change of 23.11%
22/09/2022 FTSE Closed at 7159 points. Change of -1.08%. Total value traded through LSE was: £ 5,258,363,393 a change of -10.68%
21/09/2022 FTSE Closed at 7237 points. Change of -100%. Total value traded through LSE was: £ 5,887,379,129 a change of 0%
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 firstname.lastname@example.org. 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:AGM Applied Graphene** **LSE:AML Aston Martin** **LSE:BARC Barclays** **LSE:BDEV Barrett Devs** **LSE:BT.A British Telecom** **LSE:CNA Centrica** **LSE:CPI Capita** **LSE:DARK Darktrace Plc** **LSE:EMG MAN** **LSE:FGP Firstgroup** **LSE:FOXT Foxtons** **LSE:HSBA HSBC** **LSE:IAG British Airways** **LSE:IGAS Igas Energy** **LSE:IGG IG Group** **LSE:ITRK Intertek** **LSE:ITV ITV** **LSE:LLOY Lloyds Grp.** **LSE:MKS Marks and Spencer** **LSE:OCDO Ocado Plc** **LSE:ODX Omega Diags** **LSE:OXIG Oxford Instruments** **LSE:RBD Reabold Resources PLC** **LSE:SBRY Sainsbury** **LSE:SMT Scottish Mortgage Investment Trust** **LSE:TSCO Tesco** **LSE:TW. Taylor Wimpey** **LSE:VOD Vodafone** **
Updated charts published on : AFC Energy, Applied Graphene, Aston Martin, Barclays, Barrett Devs, British Telecom, Centrica, Capita, Darktrace Plc, MAN, Firstgroup, Foxtons, HSBC, British Airways, Igas Energy, IG Group, Intertek, ITV, Lloyds Grp., Marks and Spencer, Ocado Plc, Omega Diags, Oxford Instruments, Reabold Resources PLC, Sainsbury, Scottish Mortgage Investment Trust, Tesco, Taylor Wimpey, Vodafone,
LSE:AFC AFC Energy Close Mid-Price: 17.76 Percentage Change: -3.84% Day High: 18.34 Day Low: 17.16
Weakness on AFC Energy below 17.16 will invariably lead to 16.5 with seco ……..
LSE:AGM Applied Graphene Close Mid-Price: 14 Percentage Change: -3.45% Day High: 14.5 Day Low: 13.25
In the event Applied Graphene experiences weakness below 13.25 it calcula ……..
LSE:AML Aston Martin Close Mid-Price: 125.45 Percentage Change: -11.81% Day High: 142.2 Day Low: 124.95
If Aston Martin experiences continued weakness below 124.95, it will inva ……..
LSE:BARC Barclays Close Mid-Price: 144.66 Percentage Change: -4.25% Day High: 150.26 Day Low: 142.72
Weakness on Barclays below 142.72 will invariably lead to 128 with second ……..
LSE:BDEV Barrett Devs Close Mid-Price: 323.4 Percentage Change: -12.76% Day High: 341.8 Day Low: 317.8
Target met. Continued weakness against BDEV taking the price below 317.8 ……..
LSE:BT.A British Telecom Close Mid-Price: 121.5 Percentage Change: -4.67% Day High: 127.15 Day Low: 120.8
Target met. If British Telecom experiences continued weakness below 120.8 ……..
LSE:CNA Centrica Close Mid-Price: 72.22 Percentage Change: -4.45% Day High: 75.44 Day Low: 71.12
In the event Centrica experiences weakness below 71.12 it calculates with ……..
LSE:CPI Capita Close Mid-Price: 23.62 Percentage Change: -6.42% Day High: 25.1 Day Low: 22.9
Continued weakness against CPI taking the price below 22.9 calculates as ……..
LSE:DARK Darktrace Plc Close Mid-Price: 299 Percentage Change: -4.72% Day High: 318.2 Day Low: 286.6
Target met. In the event Darktrace Plc experiences weakness below 286.6 i ……..
LSE:EMG MAN Close Mid-Price: 217.4 Percentage Change: -6.90% Day High: 231.6 Day Low: 214.7
If MAN experiences continued weakness below 214.7, it will invariably lea ……..
LSE:FGP Firstgroup Close Mid-Price: 104.6 Percentage Change: -3.33% Day High: 110 Day Low: 103.1
Weakness on Firstgroup below 103.1 will invariably lead to 102p. If broke ……..
LSE:FOXT Foxtons Close Mid-Price: 30.55 Percentage Change: -7.42% Day High: 31.5 Day Low: 28.7
Target met. Continued weakness against FOXT taking the price below 28.7 c ……..
LSE:HSBA HSBC Close Mid-Price: 467 Percentage Change: -3.40% Day High: 479.5 Day Low: 461.95
Target met. If HSBC experiences continued weakness below 461.95, it will ……..
LSE:IAG British Airways Close Mid-Price: 94.67 Percentage Change: -5.05% Day High: 99.95 Day Low: 93.62
Target met. Continued weakness against IAG taking the price below 93.62 c ……..
LSE:IGAS Igas Energy Close Mid-Price: 50.6 Percentage Change: -8.00% Day High: 56 Day Low: 49.5
In the event Igas Energy experiences weakness below 49.5 it calculates wi ……..
LSE:IGG IG Group Close Mid-Price: 743.5 Percentage Change: -1.85% Day High: 759.5 Day Low: 736
If IG Group experiences continued weakness below 736, it will invariably ……..
LSE:ITRK Intertek Close Mid-Price: 3688 Percentage Change: -2.38% Day High: 3744 Day Low: 3663
Weakness on Intertek below 3663 will invariably lead to 3597 with seconda ……..
LSE:ITV ITV Close Mid-Price: 55.22 Percentage Change: -4.53% Day High: 58.1 Day Low: 53.98
Continued weakness against ITV taking the price below 53.98 calculates as ……..
LSE:LLOY Lloyds Grp. Close Mid-Price: 40.72 Percentage Change: -2.72% Day High: 41.98 Day Low: 40.44
Target met. If Lloyds Grp. experiences continued weakness below 40.44, it ……..
LSE:MKS Marks and Spencer Close Mid-Price: 95.54 Percentage Change: -7.87% Day High: 103.05 Day Low: 93.9
Target met. Weakness on Marks and Spencer below 93.9 will invariably lead ……..
LSE:OCDO Ocado Plc Close Mid-Price: 469.3 Percentage Change: -10.16% Day High: 512.8 Day Low: 468.4
Target met. If Ocado Plc experiences continued weakness below 468.4, it w ……..
LSE:ODX Omega Diags Close Mid-Price: 2.4 Percentage Change: -4.00% Day High: 2.5 Day Low: 2.4
Continued weakness against ODX taking the price below 2.4 calculates as l ……..
LSE:OXIG Oxford Instruments Close Mid-Price: 1764 Percentage Change: -1.12% Day High: 1782 Day Low: 1716
Target met. Weakness on Oxford Instruments below 1716 will invariably lea ……..
LSE:RBD Reabold Resources PLC Close Mid-Price: 0.24 Percentage Change: -13.39% Day High: 0.29 Day Low: 0.22
Target met. If Reabold Resources PLC experiences continued weakness below ……..
LSE:SBRY Sainsbury Close Mid-Price: 172.3 Percentage Change: -5.51% Day High: 181.35 Day Low: 172.3
Target met. Weakness on Sainsbury below 172.3 will invariably lead to 169 ……..
LSE:SMT Scottish Mortgage Investment Trust Close Mid-Price: 763 Percentage Change: -5.78% Day High: 807 Day Low: 760.8
If Scottish Mortgage Investment Trust experiences continued weakness belo ……..
LSE:TSCO Tesco Close Mid-Price: 200.3 Percentage Change: -5.30% Day High: 210.8 Day Low: 199.8
Target met. In the event Tesco experiences weakness below 199.8 it calcul ……..
LSE:TW. Taylor Wimpey Close Mid-Price: 85.08 Percentage Change: -6.46% Day High: 89.56 Day Low: 83.18
Continued weakness against TW. taking the price below 83.18 calculates as ……..
LSE:VOD Vodafone Close Mid-Price: 101.84 Percentage Change: -3.12% Day High: 105.28 Day Low: 101.2
If Vodafone experiences continued weakness below 101.2, it will invariabl ……..
*** End of “Updated Today” comments on shares.
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