FTSE 100 forecast and oil latest

The City index has lacked real excitement, unlike oil. Our chartist names the prices to watch.

FTSE for Friday & Brent

The big question; was Boris creeping around Saudi oilfields last weekend with a box of matches? 

A Monday with a Boris/Brexit panic was almost enjoyable as the heat was taken off the UK's much admired leader for a couple of hours. It didn't last, and oddly neither has the Saudi panic. 

Without doubt, BJ has provided more entertainment in a few weeks than Theresa May did during her entire tenure.
The crude oil price explosion hasn't really happened. There was an absurd spike up to the 70's when the Futures markets opened last Sunday night but as sanity prevailed in the light of day, nothing has happened (so far) to either justify nor sustain the upward surge. 

In fact, quite the opposite may prove true. At present, it's trading around the $64 mark and needs only to drip below $62.6 to give concern. 

A move such as this looks capable of triggering weakness to $60.39 initially. Worse, if our secondary calculates at $57.6 and returns the price to the level it's being languishing through July and August. This will also challenge the uptrend for 2019!

For any near-term bounce of Brent to become interesting, allegedly above $64.50 should bring an initial $66.10. In itself, a pretty tame and useless movement but one we'd use to measure strength of sentiment. In the event $66.1 is exceeded, we'd expect a surge to $69 next which will suggest some strength. 

Source: Trends and Targets      Past performance is not a guide to future performance

Realistically, it needs above the previous high of $70.6 before we'd dare feel we're witnessed anything other than the panic reaction by a jittery market.

FTSE 100 for Friday The last four days managed to lack any real excitement. 

In fact, this week opened at 7,367 points and closed Thursday at 7,356 points, an 11 point difference.

It's not even worth pointing to what occurred in between as the 80 point range has been wholly artificial, created when the FTSE was marked down at the open on two days. 

The immediate situation tends to mirror reality as movement now above 7,373 should bring a surge to an utterly amazing 7,384 points. 

If bettered, secondary is at 7,411 points.  The tightest stop in such a scenario is at 7,336 points.

It can be assumed we're not terribly impressed with the immediate potentials. To get real, the UK index needs above 7,444 points as a further 100 point ride is expected.

In the event of weakness below 7,336, we're look at reversal to an initial 7,325 points. If broken, secondary calculates as a more useful 7,292 points. Should the UK manage below such a level, it could easily fall sharply to 7,228 before any form of real bounce is expected.

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.

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, or interactive investor will be responsible for any losses that may be incurred as a result of following a trading idea.