Nick Batsford, CEO of Tip TV, was alongside Zak Mir, technical analyst for ShareProphets.com, and Mike Ingram, Strategist for BGC Partners, when he opened the Tip TV Finance Show to express views on Glencore (LONDON:GLEN), the FTSE 100 and USD/JPY.
Glencore best case target 120
Mir noted that the Glencore price targets are largely unrealistic, and he believed that the best case target for Glencore is 120. After discussing the possibility of privatisation yesterday, Batsford commented how many brokers how were previously backing Glencore have stepped back from the firm and lowered their expectations. Ingram added that if metal prices continue lower, Glencore is not the firm to invest in at the moment.
FTSE 100 a buy?
Mir continued to press that the 6000 level on the FTSE 100 is a buying or an accumulation zone, and the Index will hold the level for the moment. On the other hand, Ingram questioned whether the FTSE is susceptible to a bear squeeze.
USD/JPY: Symmetrical Triangle intact ahead of US NFP report
Batsford noted FX Street, who outlined how there are currently low Fed rate hike bets, and with the Double Top already breached, a violent bearish breakout cold occur.
Watch the video to see more on the Bank of England, and other stocks including Rolls-Royce (LONDON:RR) and BooHoo.