FTSE for Friday: party popper time for FTSE 100 index?
A couple of hundred points below the recent record high, independent analyst Alistair Strang assesses the odds of the blue-chip index setting a new best.
7th June 2024 07:43
by Alistair Strang from Trends and Targets
Maybe it shall be the case lower fuel costs will make folk feel better about the markets, perhaps exerting some sort of influence on the FTSE 100, which, similar to other markets currently, probably would identify as Magnolia if it was a colour.
But with central banks starting to introduce sanity with interest rates, hopefully this shall also be seen as an upward driver for the market in the week ahead.Â
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Currently for the FTSE, above 8,311 should ideally be quite useful, calculating with the potential of a lift to an initial 8,340 points. In the event such a level gets bettered, we can present an amazing 8,405 points as our secondary ambition. This secondary is quite a big deal as market closure around such a point shall make a future journey toward 8,537 points very possible.
If triggered, our tightest stop is fairly wide at 8,261 points.
Our alternate scenario speculates on what happens if 8,244 points breaks. Such a game plan threatens reversal to 8,206 points with secondary, if broken, at 8,166 points. Visually, there are already fairly strong suggestions of some sort of bounce if either ambition comes to fruition on any initial drop.
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.
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.Â
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