Nick Batsford , CEO of Tip TV was joined by Zak Mir, technical analyst at Share Prophet, and Bill Hubard, economist, to take us through the morning’s technical round up, with focus on the S&P 500, and the FTSE 100.
Divergence in broker recommendations
Barclays (LONDON:BARC) recommend holding BowLeven PLC (LON: BLVN), which they feel may not rally for years. They have set a target of 35. Jefferies recommend holding on G4S (COP:G4S) PLC (LON: GFS) with targets of 290, however Goldman Sachs (NYSE:GS) have a less positive target of 260 and recommend selling. Barclays suggest holding on Genel Energy PLC (LON: GENL)
S&P 500 buying opportunity, FTSE 100 sentiment shifts
With the continued devaluation of China’s currency, the team note that there looks to be a buying opportunity for the S&P 500 as an uptrend continues above the 200-day moving average. Looking at stocktwits sentiment data, the team note that one of the biggest movers of the day, the FTSE 100 is back up to 42% bearish, from lows of 17% earlier in the week.