The market has ignored the 85 points recovery on the FTSE on Friday night.
All the bad news is already out in short term, therefore risk is to the upside, possibly to $8.00 in near term.
Possible "intra-day hammer" formation developing currently.
Westapc sold 5M shares last week which caused the weakness. Selling through Merryl Lynch and this appears to have stopped now. (Asked you Broker for Market Share Analysis)
The current Overnigiht S & P 500 Futures is up another 6 points, Dow Futures up about 40 points should see both the UK and US market up again tonight.
FTSE has reached a higher bottom and first signs of a possible up trend according to Dow theory) is in place.
Market has misinterpretted their previous announcement. They have bought OTC Put Options on FTSE such that they will not need to inject further funds into UK business. Because it is a put oiption, as the market recovers, they can takea full adavantge of the upside recovery.
The Fear factor has been overdone. When it bounces, it will run hard.
The market has ignored the 85 points recovery on the FTSE on...
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Last
$1.15 |
Change
0.010(0.88%) |
Mkt cap ! $2.986B | |||
| Open | High | Low | Value | Volume |
| $1.15 | $1.16 | $1.14 | $13.75M | 11.99M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 206295 | $1.15 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.16 | 267231 | 10 |
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| Last trade - 16.10pm 17/07/2024 (20 minute delay) ? |
| AMP (ASX) Chart |