FTSE for Friday: fresh targets and an update on oil
Amid further hopes of a peace deal in the Middle East, the price of oil has been on the move. Independent analyst Alistair Strang talks through his latest charts for this and the UK blue-chip index.
12th June 2026 07:42
by Alistair Strang from Trends and Targets
The price of oil has reversed but not with any great commitment, so far. The US announced they were not going to attack Iran on Thursday evening as a peace deal with be signed shortly. Needless to say, Iran announced three hours later no final decision had been reached and thus, it was America’s fault.
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The market appears to be inured to political nonsense, the price of Brent reversing to the $88 level, insufficient (in our opinion) to successfully trigger some real softening of the oil price. At present, we calculate Brent Crude needs below $85.50 to trigger a convincing cycle of drops, perhaps with a target now around $62 and a return to the price levels experienced in February this year.
As for the FTSE 100, it has been behaving with similar conviction as the price of crude, and again it’s probably politics to blame.
Near term, if the FTSE intends do anything positive, above 10,370 should prove important, hopefully triggering market gains to an initial 10,450 with our secondary, if beaten, at 10,479 points.
This would certainly be significant, nudging the market into a zone where a third level target of 10,595 calculates as very possible. If triggered, the tightest stop loss level looks like 10,252 points. Hopefully some positive news breaks as it’d be nice to enjoy the Barcelona Grand Prix with a backdrop of the markets turning positive.
Should things intend to go awry, below 10,252 could trigger near-term reversal to an initial 10,213 points. If broken, our secondary works out at 10,123 points.
Have a good weekend and enjoy the race from Spain, often quite entertaining.
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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