FTSE for Friday: looking for logic in market moves
Independent analyst Alistair Strang considers the blue-chip index and gives his take on what might happen today.
27th September 2024 09:14
by Alistair Strang from Trends and Targets
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It’s getting to the stage where we feel if we decide to dodge watching the FTSE 100 for a day, something might actually happen with the market rather than the series of pretend movements we’ve been seeing during September.
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What’s a bit of a surprise has been the level of financial traffic through London, with Thursday producing the second-highest financial day of the month.
Source: Trends and Targets. Past performance is not a guide to future performance.
Our obvious frustration is due to the UK index being poised to head upwards, yet failing to do so. It’s becoming nearly impossible to figure out any logic behind the UK market’s intransigence.
If any miracle intends happening, near term above 8,306 points should trigger movement to an initial 8,345 points with our secondary, if bettered, calculating at 8,390 points. If triggered, the tightest stop loss level looks like 8,264 points.
Our alternate scenario, if everything decides to go wrong, is that below 8,250 looks capable of provoking trouble, giving an initial drop target at 8,218 points with our secondary, if broken, working out at 8,183 points.
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.
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