FTSE for Friday: another day in the red?
After a bad day at the office for the FTSE 100 Thursday, independent analyst Alistair Strang studies the charts and gives a new forecast for the blue-chip index.
17th November 2023 07:45
by Alistair Strang from Trends and Targets
Thursday had certainly appeared to have the potential for a day of reversals for the FTSE 100 and, as always when market direction is downward, the index successfully overachieved, finishing the day down 1.01%, while the US and Europe was pretty flat.
From a UK perspective, it proved a horrible day, one which left the FTSE poised to deliver further falls in the day ahead.
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Currently, below 7,409 points looks set to deliver reversals down to 7,389 points. Our secondary target calculates down at 7,357 points. If triggered, the tightest stop loss level looks quite civilised at 7,434 points.
As always, beware any spike downward at the market open, especially one which attains one of our target levels, as the market is liable to toddle off in an entirely different direction.
Our converse scenario demands the market exceed 7,456 points to enjoy the potential of a lift to 7,496 points. If exceeded, our longer-term secondary works out at 7,516 points.
Have a good weekend.
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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