Written 8 June – 00:22
FTSE for Friday (FTSE:UKX)
When the London exchange managed to sleep in for an extra hour on Thursday morning, we’d hoped to see the market essentially give their intentions away with some “surprise” movements. Instead, it experienced a fairly humdrum session with Friday appearing fairly important.
The strange thing was, despite the market opening up at 7,757 points, reversals in the next 15 minutes tended to indicate the market was heading to a bottom of 7,665 points.
An ambition down at such a point was not terribly alarming though as the day progressed it appeared some efforts were made to avoid this drop potential.
It’s probably no surprise we didn’t trust ’em and now, we suspect the FTSE (UKX) shall entertain 7,665 pretty early on the session during Friday.
Key, obviously, is whether the index both achieves this level, more importantly bouncing from it!
Should our suspicion prove correct, any bounce exceeding 7,686 should prove capable of continuing to 7,710 points. And should 7,710 be bettered, we can calculate a secondary at 7,754 points.
It’s obviously fascinating, speculating on a bottom not yet achieved, along with a bounce which hasn’t happened. But was if 7,660 breaks? In such a scenario, weakness to 7,638 looks viable. If broken, the tea leaves claim a secondary exists at 7,590.
Source: interactive investor Past performance is not a guide to future performance
FTSE closed at 7,704 points. Total value traded through LSE was: £ 8,021,682,768.
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.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation, and is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company’s or index name highlighted in the article.