The FTSE 100 this week

April continues to be, frankly, boring. Last week finished with the FTSE 100 failing to better our 6,225. Now, it makes sense to wonder how much damage will be done by the news that, the leader of our country having so much faith in the UK economy and currency, his family opted to stuff money offshore for safety.

Actually, it makes perfect sense if one has sufficient wealth to do so. "Eggs and baskets" logic always rules. Thankfully, the media are focussed on the tax element, rather than the more important question as to how our markets are trusted by those with money to invest!

The situation remains that, should the FTSE better 6,225, we now think it shall head to 6,272 initially with secondary 6,395.

But, unfortunately, the market has spent since the end of February refusing to actually do anything interesting. We're not particularly confident we can spot danger levels if a "lemming" movement is planned. The market is truly awful at present.

The first week of April finished with the news that movement below 6,093 is supposed to lead to 6,073 initially with secondary 6,025 points. The secondary number bothers us, providing a "lower low" and creating a scenario where the market could easily lose a further 100 points rather swiftly, hopefully bouncing around 5,920 points. Otherwise, 6,073 as a bottom will simply imply the market is continuing to mumble along a relatively flat and boring path.

What really bothers us is we're supposed to be good at this stuff, but we'd rather admit to being clueless before pretending confidence in a particular direction. Of course, today is Monday and Mondays always stink. Our scent receptors are failing to spot anything unpleasant for the day, so once again it will probably bite without warning.

EServGlobal

Our artistic ambitions were called into action when we noticed how many times EServGlobal was forced down in price. There was little doubt the market had pretty clear plans against this share price, as the last few years allow us to circle an uncomfortable number of gaps, forcing the price down.

The one which really bothered us most came in December last year, with the share being moved below our "ultimate bottom" and into a region where every single target was prefaced with a minus sign - obviously impossible.

But at the start of March, something important happened, with the price being moved into a region where the share had stopped going down.

Better still, the price has now achieved a "higher high", with the implication trades above 6.375p will now power the price upward to an initial 7.5p with secondary 9.15p.

The secondary is quite a big deal as, should this share actually close above 7.75p, there's a heck of a strong argument allowing the price to almost double to 14p when we'd need to review the tea leaves again.

For now, it looks worthy of some hope. If they/the market intend to spoil our optimism, it would need taken below red (5p) and this permits an initial non-scary 4.25 with secondary a lower gap closing 2.6p.

This, alas, will tend to stick the share in the mud until such time as positive news appears - or miraculous market conditions.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. 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.