#FTSE #Gold In a bout of typical behaviour for the UK, on a day when BoE lowers interest rates in a positive movement for business, while the USA has gotten around to electing a President widely regarded as business friendly, the main market behaves as if there has been a deluge of bad news. The only fly in the ointment was the BoE deciding to blame the recent UK budget as causing a risk of inflation, quite ignoring their own unparalleled success in pushing prices upward. When this is added to a UK government which appears to lack the will to do anything about price gouging, perhaps the damage to the FTSE can be regarded as self inflicted.
Amusingly, Elon Musk tweeted (x’d?) the shocking image below on Thursday with an appropriately typical comment regarding the UK.
From a near term perspective, the FTSE certainly is producing plenty of cause for concern. Currently, below 8140 points risks promoting reversal down to an initial 8112 points with our secondary, if broken, an eventual bottom – hopefully – of 8049 points. Visually there is undoubtedly the potential for a bounce from 8112 points but we’re perhaps placing hope before common sense, wondering if the powers behind the market reach over and grab the steering wheel to swing from the path being taken.
If triggered, the tightest stop loss position looks like 8165 points.
Should a panic change in direction be scheduled, above 8195 points in needed to promote a useless movement to an initial 8209 points. It obviously doesn’t escape our sense of idiocy, this suggesting the FTSE need “only” move by 50 points to perhaps trigger a tame 14 point movement. But should 8209 be exceeded, our near term secondary is at 8231 points
Oddly, if we take a step back and ignore near term gain potentials, the Big Picture is actually fairly interesting and produces some more encouraging target levels. Above 8169 points should apparently be capable of provoking recovery to an initial 8282 with our secondary, if beaten, at 8309 points. We quite like this scenario, especially as it allows an incredibly tight stop loss at 8140 points.
Have a good weekend.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:20:24PM | BRENT | 7544 | 7405 | 7332 | 7485 | 7618 | 7816 | 7341 | |||
| 10:26:34PM | GOLD | 2705.84 | 2644 | 2618 | 2668 | 2711 | 2728 | 2691 | ‘cess | ||
| 10:30:35PM | FTSE | 8172.7 | 8132 | 8096 | 8171 | 8198 | 8210 | 8160 | |||
| 10:38:21PM | STOX50 | 4870.6 | 4786 | 4770 | 4812 | 4878 | 4905 | 4848 | Success | ||
| 10:41:10PM | GERMANY | 19435.5 | 19236 | 19163 | 19335 | 19460 | 19567 | 19356 | Success | ||
| 10:44:53PM | US500 | 5978 | 5921 | 5904 | 5950 | 5985 | 6005 | 5957 | ‘cess | ||
| 10:47:43PM | DOW | 43767.5 | 43370 | 43182 | 43766 | 43858 | 44001 | 43658 | |||
| 10:49:26PM | NASDAQ | 21103 | 20746 | 20631 | 20881 | 21132 | 21220 | 21007 | ‘cess | ||
| 10:52:12PM | JAPAN | 39682 | 39128 | 38890 | 39420 | 39718 | 39800 | 39529 | ‘cess |
7/11/2024 FTSE Closed at 8140 points. Change of -0.32%. Total value traded through LSE was: £ 6,200,390,802 a change of -20.9%
6/11/2024 FTSE Closed at 8166 points. Change of -0.07%. Total value traded through LSE was: £ 7,838,528,249 a change of 73.08%
5/11/2024 FTSE Closed at 8172 points. Change of -0.15%. Total value traded through LSE was: £ 4,528,854,324 a change of 6.29%
4/11/2024 FTSE Closed at 8184 points. Change of 0.09%. Total value traded through LSE was: £ 4,260,964,543 a change of -16.92%
1/11/2024 FTSE Closed at 8177 points. Change of 0.83%. Total value traded through LSE was: £ 5,128,610,563 a change of -23.79%
31/10/2024 FTSE Closed at 8110 points. Change of -0.6%. Total value traded through LSE was: £ 6,729,759,967 a change of 2.02%
30/10/2024 FTSE Closed at 8159 points. Change of -0.73%. Total value traded through LSE was: £ 6,596,818,520 a change of 3.77% 
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:ASC Asos** **LSE:BARC Barclays** **LSE:BME B & M** **LSE:CCL Carnival** **LSE:FOXT Foxtons** **LSE:HIK Hikma** **LSE:IHG Intercontinental Hotels Group** **LSE:ITV ITV** **LSE:SMT Scottish Mortgage Investment Trust** **LSE:TRN The Trainline** **LSE:TW. Taylor Wimpey** **
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Updated charts published on : Asos, Barclays, B & M, Carnival, Foxtons, Hikma, Intercontinental Hotels Group, ITV, Scottish Mortgage Investment Trust, The Trainline, Taylor Wimpey,
LSE:ASC Asos Close Mid-Price: 340 Percentage Change: -0.58% Day High: 343.2 Day Low: 330.4
Target met. Weakness on Asos below 329 will invariably lead to 325p with ……..
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View Previous Asos & Big Picture ***
LSE:BARC Barclays Close Mid-Price: 253.85 Percentage Change: -1.67% Day High: 259.7 Day Low: 253.7
In the event of Barclays enjoying further trades beyond 259.7, the share ……..
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View Previous Barclays & Big Picture ***
LSE:BME B & M. Close Mid-Price: 390 Percentage Change: + 1.80% Day High: 390.8 Day Low: 381.5
If B & M experiences continued weakness below 381.5, it will invariably l ……..
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View Previous B & M & Big Picture ***
LSE:CCL Carnival Close Mid-Price: 1660.5 Percentage Change: -1.25% Day High: 1694 Day Low: 1643.5
In the event of Carnival enjoying further trades beyond 1694, the share s ……..
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View Previous Carnival & Big Picture ***
LSE:FOXT Foxtons Close Mid-Price: 56.6 Percentage Change: -2.41% Day High: 57.8 Day Low: 56
Target met. In the event Foxtons experiences weakness below 56 it calcula ……..
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View Previous Foxtons & Big Picture ***
LSE:HIK Hikma. Close Mid-Price: 1801 Percentage Change: + 1.64% Day High: 1801 Day Low: 1757
If Hikma experiences continued weakness below 1757, it will invariably le ……..
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View Previous Hikma & Big Picture ***
LSE:IHG Intercontinental Hotels Group. Close Mid-Price: 9008 Percentage Change: + 0.07% Day High: 9136 Day Low: 8954
Target met. All Intercontinental Hotels Group needs are mid-price trades ……..
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View Previous Intercontinental Hotels Group & Big Picture ***
LSE:ITV ITV Close Mid-Price: 62.95 Percentage Change: -12.93% Day High: 71.8 Day Low: 63.6
If ITV experiences continued weakness below 63.6, it will invariably lead ……..
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View Previous ITV & Big Picture ***
LSE:SMT Scottish Mortgage Investment Trust. Close Mid-Price: 910.8 Percentage Change: + 2.59% Day High: 913.4 Day Low: 892
In the event of Scottish Mortgage Investment Trust enjoying further trade ……..
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View Previous Scottish Mortgage Investment Trust & Big Picture ***
LSE:TRN The Trainline. Close Mid-Price: 416.8 Percentage Change: + 5.04% Day High: 423.4 Day Low: 398.8
Target met. Continued trades against TRN with a mid-price ABOVE 423.4 sho ……..
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View Previous The Trainline & Big Picture ***
LSE:TW. Taylor Wimpey. Close Mid-Price: 139.9 Percentage Change: + 0.18% Day High: 142.35 Day Low: 138.55
If Taylor Wimpey experiences continued weakness below 138.55, it will inv ……..
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View Previous Taylor Wimpey & Big Picture ***