FTSE for Friday: looking surprisingly good
In the absence of Wall Street, shut to honour former US president Jimmy Carter, the FTSE 100 had a great day and is now only 160 points from a record high. Independent analyst Alistair Strang reveals what the charts say might happen next.
10th January 2025 07:40
by Alistair Strang from Trends and Targets
For the FTSE 100, above 8,324 points currently calculates with a pretty confident looking 8,348 points with our longer-term secondary, should such a level be exceeded, working out at an extraordinary 8,395 points.
If triggered, the calculated stop loss level is absurdly wide at 8,264 points.
- Invest with ii: Open a Stocks & Shares ISA | ISA Investment Ideas | Transfer a Stocks & Shares ISA
However, we’re not inclined to anticipate a quick visit to our third level of 8,462 points but arithmetically, it’s difficult to discount such an ambition in the coming weeks.
Our inevitable converse scenario allows for weakness below 8,279 to bring reversals down to an initial 8,245 with our secondary, if broken, a less likely 8,177 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.
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
These articles are provided for information purposes only. Â Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. Â The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.