FTSE for Friday: blue-chip index finally looks interesting
Although not yet utterly convinced, independent analyst Alistair Strang's charts show the market finally appears to be breaking from a hiatus since 2022. There's also some analysis of YouGov.
15th March 2024 07:40
by Alistair Strang from Trends and Targets
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In a year of national elections both here and in the US, YouGov (LSE:YOU) shares certainly have potential, the market doubtless forecasting a massive year of "Voter Intention" surveys.
Currently trading around 1,165p, it needs above 1,230p to hopefully trigger a cycle up to an initial 1,528p with secondary, if beaten, a ridiculous looking 1,818p and a new all-time high. Visually, it appears certain 1,528p shall provoke some hesitation, if achieved.
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If things intend to go wrong for this vote influencer, below 1,000p appears to have the potential of triggering reversal to an initial 844p with secondary, if broken, at a bottom of 772p and perhaps a bounce.
Source: Trends and Targets. Past performance is not a guide to future performance.
As for the FTSE for Friday, the UK market is certainly (finally) starting to look interesting. Index movements now exceeding 7,786 should create a scenario where recovery to an initial 7,846 is possible with our secondary, if beaten, at 7,896 and a chance of some hesitation.
However, this situation gives an impression the market is finally breaking from a hiatus since 2022, along with the hope it's entering a new ball game. This being the case, we can produce a Big Picture cycle ambition at a longer term 8,038 with our eventual secondary coming along at 8,178 points.
Near term, if the FTSE plans any mischief, below 7,719 allows for reversal to an initial tame 7,704 points with our secondary, if broken, at 7,677 points and hopefully a rebound.
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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