FTSE this Week (FTSE:UKX)
We’ve had pretty good reason to expect some good “stuff” from the markets, absolutely none of which has made itself known on the FTSE (UKX). The US, Germany, even France, responded to the upward forces, the FTSE opted to pretend it was a frightened ostrich.
Allegedly (remember, we are speculating on potentials of something refusing to move) the FTSE need now only trade above 7,439 to bring an utterly useless 7,466 to the table. Secondary, if bettered, comes along at 7,523 points.
In itself, this is a fairly useful number, but key will be trades above this level. Essentially, this will now position the index for a decent upward run through December, potentially to the 7,600’s!
Just for fun, we’ve shown some moving averages on the chart. While we tend to disparage these nonsense indicators, it would be churlish not to admit they add some festive colour to the index.
Our own feeling is the only important indicator now shall prove to be intraday traffic above 7,466, along with international agreement to silence Brexit speculation commentary from either camp.
In the event the index now manages below 7,360, reversal to 7,308 remains a dangerous ploy as secondary if broken, comes along at 7,240 and the risk of no Xmas dinner, as it will becomes apparent the FTSE intends complete the year, trapped in its useless trading range.
Alistair Strang has led high-profile and “top secret” software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know “how it worked” with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang, Shareprice, or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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