After Centrica's fall and a Footsie wobble, our chartist shares his latest numbers for both.
FTSE Friday & Centrica (FTSE:UKX)
Centrica (LSE:CNA) must be tempting a bunch of folk hoping to jump in, viewing the price as a "bargain".
We have doubts, hoping it shall bounce around the 60p mark but worried, 'cos if broken, the big picture suggests "bottom" may reside around 40p.
Needs a miracle above the 90p level to foul up these prospects!
As for the FTSE 100 for Friday, we're more than a little concerned about the drop experienced on Thursday. When we issued our 10am report to clients, we'd speculated on the market achieving a bottom at 7,407 points.
Somehow or other, the FTSE contrived to reach 7,406.9 around 11:30 am, showing half-hearted bounces in the period since.
Despite a bunch of day traders doubtless viewing the chart, gleefully assuming "double bottom" and expecting Friday to show gains, we're not entirely convinced.
There's something a bit funny going on with international futures - mainland Europe and the US behaving as if Friday should experience recovery, the FTSE rather less so.
Weakness now below 7,406 points calculates with an initial drop target at 7,368 points.
If (when) broken, our secondary comes along at 7,310 points and we'd hope for a real bounce at such a level. If triggered, tightest stop is at 7,442 points.
In the event the market (the FTSE during trading hours) manages above 7,442, our initial ambition is for movement to 7,470 points. If bettered, secondary calculates up at 7,503 points.
This week has been difficult and we suspect health fears have knocked the FTSE off its track to head to 7,690 points.
Source: Trends and Targets Past performance is not a guide to future performance
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.
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