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<\/p>\n#FTSE #Stoxx <\/b>\u00a0Generally, the ability to play a few instruments (poorly) gives an air of confidence, one which was generally topped up with the old Ken Bruce ‘Popmaster’ radio quiz. While in a waiting room for an appointment, folk were talking about music and someone mentioned “The Ketchup Song” as an example of how European music can be fun and enjoyable. Admitting I’d never heard of the song title, now I know what a moth in a spotlight feels like. Patiently, it was explained the track was around 20 years ago and had hit the top of the charts throughout Europe and most other places.<\/p>\n
While hanging my head in shame, another of the folk waiting for their appointment found and played the tune of their phone, once again forcing an admission that not only the song title was new to me but I’d literally never heard the track or, if I had, it hadn’t registered. Needless to say, “The Ketchup Song” had an associated dance which another of the attendees tried to enact from her seat. All things considered, it was probably one of the strangest experiences in a hospital waiting room, especially as one of the nurses wanted to hear it again. Returning home, it was inevitable I’d pick up a guitar to try and sort out the melody in preparation for ambushing my grand-daughters next weekend. But when I told their mum, it transpires the girls know the tune, know the words, and can do the dance, despite it charting 11 years before the eldest was even born. My only defence was my own daughter was aghast I’d never come across the track as she’d assumed I already could play it, just chose not to.<\/p>\n
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This has quite a lot to do with Legal and General, a share we’ve not really had the need to discuss for almost a couple of years but a brief panic over a comment on Twitter made us wonder if this was going to a a “Ketchup Song” moment, discovering the share had run amok without us noticing. Thankfully, it hadn’t but provided a sharp reminder for the reason we scan so many major shares on a daily basis in the hope of spotting an action before it happens.<\/p>\n
Currently, Legal and General continues to tread its path in the valley between optimism and pessimism, seemingly unaware of movements being made across the wider FTSE. In fact, the current share price is almost exactly 50% of the value between the pre-pandemic high and the pandemic drop of 2020, this despite the retail banks now showing an almost reasonable effort to make themselves interesting again. Perhaps it shall be the case where LGEN shall prove to be a sleeper, though to be honest, aside from the usual Pandemic misbehaviour, LGEN has been slumbering since 2014.<\/p>\n
Visually, the immediate situation looks quite straightforward as LGEN only need exceed 260p to hopefully start a track in the direction of 306p initially. Closure above 306p should provide a major clue for the longer term, moving the price into a region where a cycle to a future 329p calculates as possible, a new all time high and a price level at which a distant 393p is supposed to be exerting an influence.<\/p>\n
Should things intend go wrong, below 230p looks difficult, capable of triggering reversal to an initial 210p with secondary, if broken, down at a visually unlikely 176p and hopefully a rebound.<\/p>\n
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FUTURES<\/p>\n
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