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<\/p>\n#FTSE #Gold <\/b>\u00a0There’s nothing like a seriously big picture glance at a chart to throw a bucket of cold water on expectations. Surprisingly, for the FTSE, this isn’t the case as the share price has now closed higher, achieved a higher intraday value,\u00a0 than at any point ever. In fact, from the perspective of most of hour rules we’d be churlish to dodge optimism as the market value now also exceeds levels pre-pandemic. Perhaps we’re closing on the time, when opening a bottle of “own brand” supermarket Prosecco is almost a good idea and on the bright side, any left in the bottle can be used to remove bird droppings from a car.<\/p>\n
There is certainly plenty of reason to pause for thought with the immediate chart below. From 2003 until 2007, people everywhere were delighted at the FTSE recovery from the Tech crash of 2003 but literally, from every perspective, the FTSE failed in providing final confirmation of happy days continuing, when during 2007 it utterly failed to register Higher Highs of any type. Everyone knows what happened thereafter, this failure to recover ushering in the Financial crash of 2009. A constant irritant, following the 2009 crash, came from repeated articles in the FT and Telegraph, warning a “Double Bottom was somehow inevitable to match 2009’s lows. Anyone capable of reviewing a chart rapidly spotted the Financial crash already met criteria for a market “Double Bottom” following events from 2003. But it was going to take until 2013 before they stopped writing this silly theory.<\/p>\n
Thus, we now find ourselves in a surprising situation, the FTSE having ticked some pretty important boxes which allow optimism for the longer term. Those of a sceptical disposition should skip the next bit, due to the Big Picture offering some quite fanciful strength for the longer term.<\/p>\n
Apparently, the FTSE can now be viewed as heading toward an initial 8635 points with our secondary, if bettered, an amazing 9298 points. Obviously, this is from a long term standpoint, the FTSE needing below 7517 points to utterly cancel our calculations. From the point of view of constituents of the FTSE, hopefully this is an indication some of the sectors languishing in the gutter are about to try for a day in the sun.<\/p>\n
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The FTSE from a near term perspective is simply strange. Since April 22nd, the index has been refusing to make “proper” movements, mucking around with multiple fits and starts, only to be hammered back into place as each day continues. Thankfully, behaviour has gotten to the point where above just 8106 points should trigger movement next to an initial 8131 points with our secondary, if beaten, a surprisingly smug looking 8204 points. Should such a miracle occur, our tightest stop looks like 8058 points.<\/p>\n
Our converse scenario suggests weakness below 8058 risks a trip down to 8034 points. If broken, our secondary works out at 8003 points and a possible bounce.<\/p>\n
FUTURES<\/p>\n![](\"http:\/\/www.trendsandtargets.com\/img\/ukx260424.jpg\")
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