#FTSE #Gold
We gave a pretty accurate throwaway comment on Wednesday, telling clients the FTSE was probably heading down but we suspected a bounce around 7680 points. Needless to say, when the market actually hit 7680, it was like a return to childhood and Dr Who, hiding behind the couch when the Cyber Men came on. Amusingly, as an adult, something similar happened when the most recent Doctor appeared on screen, giving a reminder to change channel and watch something else!
As for the FTSE, seeing the market hit 7680 points at 3.12pm provided the perfect time to leave the screens and go make an unfashionable Latte, breaking a personal rule (inspired by Italy) to never make one after 10am. After all, it’s really a breakfast beverage rather than an all day event, despite deep seated greed. Amusingly, discussing another drink with my wife provoked the need for some fast talking. She was doing her online supermarket shop and spotted Malibu Rum at some sort of discounted price. I asked her not to buy it, ‘cos it’s a quite refreshing drink anytime. Unfortunately, using the term;
“It’s a breakfast rum” was ill advised, needing the rest of the day to convince I could never, ever, drink rum at breakfast time.
Only while writing this did a memory dawn, skiing with my wife in Austria, dumping Rum from a hip flask into our traditional Hot Chocolate reward at the end of our first descent, generally by 9.30am. Knowing how we behaved back in the day, it was likely the hip flask was filled with Pussers Rum.
Gosh, there used to be a TV comedian called Ronnie (something) who’s trademark style was to start telling a story, taking the viewer to the lame punchline via an often surreal journey. In this instance, it appears we’ve done exactly the same, sneaking Dr Who, Malibu, Hot Chocolate and Pussers Rum, into the excuse for an afternoon Latte!
Our lame punchline is, when returning with the Latte, the FTSE had bounced from our target and was teasing, spending the minutes trying to better the high of 7696 points which has been achieved before hitting out bottom level. There was every chance, should the FTSE exceed this level, it risked triggering further positive movements as it would now be creating an official “higher high”. This sort of thing isn’t only a Big Picture phenomena but instead, is something worth applying to most scenario as the results generally will not disappoint. Unless, of course, the market starts throwing price movements gaps into the equation, making it dangerous to rely upon visuals.
As it looks like our 7680 shall prove an important moment in time, any moves now below such a level risks promoting reversal down to an initial 7643 and hopefully a proper bounce. Visually, this certainly appears likely due to the presence of the Blue downtrend since 2018. In the event 7643 breaks, our secondary calculates at 7578 points and a dodgy return under the long term downtrend, dumping the index in a zone where an eventual 7371 works out as a bottom.
However, the 50 point bounce from 7680 is giving some hope for Friday and now above 7740 looks capable of triggering movement to an initial 7771 points with secondary, if exceeded, at 7822 points.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:12:17PM | BRENT | 75.46 | 74.53 | 74.02 | 75.8 | 75.82 | 76.205 | 74.77 | Shambles | ||
| 9:14:27PM | GOLD | 2014.74 | 2011 | 2001 | 2029 | 2049 | 2062 | 2021 | |||
| 9:16:55PM | FTSE | 7747.23 | 7707 | 7672 | 7740 | 7786 | 7804 | 7750 | Success | ||
| 9:22:42PM | STOX50 | 4317.4 | 4297 | 4277 | 4317 | 4330 | 4336 | 4305 | Success | ||
| 9:36:15PM | GERMANY | 15835.25 | 15793 | 15741 | 15851 | 15969 | 16003 | 15888 | Success | ||
| 9:38:40PM | US500 | 4129.87 | 4105 | 4092 | 4131 | 4131 | 4141 | 4109 | |||
| 9:41:05PM | DOW | 33296.6 | 33107 | 33045 | 33306 | 33355 | 33404 | 33227 | Success | ||
| 9:52:57PM | NASDAQ | 13386 | 13298 | 13259 | 13372 | 13407 | 13477 | 13330 | |||
| 9:55:24PM | JAPAN | 29119 | 28879 | 28747 | 29052 | 29185 | 29253 | 29056 | ‘cess |
11/05/2023 FTSE Closed at 7730 points. Change of -0.14%. Total value traded through LSE was: £ 4,931,618,860 a change of 7.65%
10/05/2023 FTSE Closed at 7741 points. Change of -0.3%. Total value traded through LSE was: £ 4,581,255,813 a change of -35.41%
9/05/2023 FTSE Closed at 7764 points. Change of -0.18%. Total value traded through LSE was: £ 7,092,371,085 a change of 60.33%
5/05/2023 FTSE Closed at 7778 points. Change of 0.99%. Total value traded through LSE was: £ 4,423,579,038 a change of -18.99%
4/05/2023 FTSE Closed at 7702 points. Change of -1.1%. Total value traded through LSE was: £ 5,460,672,178 a change of 8.08%
3/05/2023 FTSE Closed at 7788 points. Change of 0.19%. Total value traded through LSE was: £ 5,052,417,233 a change of -36.96%
2/05/2023 FTSE Closed at 7773 points. Change of -100%. Total value traded through LSE was: £ 8,014,658,915 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 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:AML Aston Martin** **LSE:ASC Asos** **LSE:BBY BALFOUR BEATTY** **LSE:FRES Fresnillo** **LSE:IQE IQE** **LSE:ITV ITV** **LSE:OXIG Oxford Instruments** **LSE:TLW Tullow** **LSE:ZOO Zoo Digital** **
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Updated charts published on : AFC Energy, Aston Martin, Asos, BALFOUR BEATTY, Fresnillo, IQE, ITV, Oxford Instruments, Tullow, Zoo Digital,
LSE:AFC AFC Energy Close Mid-Price: 18.38 Percentage Change: -2.03% Day High: 19.8 Day Low: 17.96
Weakness on AFC Energy below 17.96 will invariably lead to 14 with second ……..
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View Previous AFC Energy & Big Picture ***
LSE:AML Aston Martin Close Mid-Price: 203.2 Percentage Change: -1.93% Day High: 208.6 Day Low: 202.4
In the event Aston Martin experiences weakness below 202.4 it calculates ……..
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View Previous Aston Martin & Big Picture ***
LSE:ASC Asos. Close Mid-Price: 500 Percentage Change: + 2.59% Day High: 516 Day Low: 445
Target met. In the event Asos experiences weakness below 445 it calculate ……..
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View Previous Asos & Big Picture ***
LSE:BBY BALFOUR BEATTY Close Mid-Price: 390.2 Percentage Change: -0.66% Day High: 401.2 Day Low: 386.6
Continued trades against BBY with a mid-price ABOVE 401.2 should improve ……..
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View Previous BALFOUR BEATTY & Big Picture ***
LSE:FRES Fresnillo Close Mid-Price: 690.4 Percentage Change: -3.06% Day High: 714.2 Day Low: 681.8
Target met. If Fresnillo experiences continued weakness below 681.8, it w ……..
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View Previous Fresnillo & Big Picture ***
LSE:IQE IQE Close Mid-Price: 23.75 Percentage Change: -1.45% Day High: 24.35 Day Low: 23.2
Continued weakness against IQE taking the price below 23.2 calculates as ……..
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View Previous IQE & Big Picture ***
LSE:ITV ITV Close Mid-Price: 75.58 Percentage Change: -2.00% Day High: 75.48 Day Low: 72.7
Target met. If ITV experiences continued weakness below 72.7, it will inv ……..
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View Previous ITV & Big Picture ***
LSE:OXIG Oxford Instruments Close Mid-Price: 2845 Percentage Change: -0.35% Day High: 2875 Day Low: 2785
Further movement against Oxford Instruments ABOVE 2875 should improve acc ……..
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View Previous Oxford Instruments & Big Picture ***
LSE:TLW Tullow Close Mid-Price: 24.26 Percentage Change: -2.88% Day High: 25.88 Day Low: 24.02
In the event Tullow experiences weakness below 24.02 it calculates with a ……..
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View Previous Tullow & Big Picture ***
LSE:ZOO Zoo Digital Close Mid-Price: 138 Percentage Change: -1.43% Day High: 141.5 Day Low: 138.5
Target met. If Zoo Digital experiences continued weakness below 138.5, it ……..
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View Previous Zoo Digital & Big Picture ***