Trends and Targets for 11/02/2019

Royal Bank of Scotland #Brent #DAX The comedy bank, #RBS, continues to flounder around doing very little. At time of writing, the price is 239.1p which is, 23.91p in old money. Not the most scintillating increase since the gory days of 9p (in old money) a few years ago. We suspect we’re not the only folk still dividing the price by 10 to return to the “real” share price.

At present, we’d be justified in raising an eyebrow if it were to relax (again) below 230p as a return to 221p makes sense. Our secondary, with a break below 221p, calculates at 204p and hopefully a bottom. As the chart highlights, there’s a Red uptrend since the Brexit vote which would hopefully justify a bounce, should 204p make a guest appearance.

The real trouble would visit, should the share price actually close a session below 204p as some big picture reversals become extremely possible. Initially, there’s a fair chance of a visit to 177p followed by some sort of fake rebound. But our secondary, if such a level breaks, calculates at 145p (or 14.5p in old money) and ideally, a real bounce. The implications below such a level are too foul to list.

 

In our heads, we’ve been using the Retail Banks are our true market barometer, essentially failing to trust any movement the FTSE makes unless we see it echoed in the financial sector. Unlike politicians brain cavity, there is not a lot of echoing going on at present.

We suspect the important downtrend on RBS is shown in Blue on the chart. This being the case, the share price currently requires exceed 256p to be viewed as entering a phase toward an initial 267p. Our longer term secondary, if exceeded, computes at 289p.

 

For now, we rather suspect 204p shall make itself known.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

6:59:53PM

BRENT

62.07

61.02

60.72

60.18

62.15

62.34

62.6

62.89

61.23

7:03:08PM

GOLD

1314.85

‘cess

7:15:16PM

FTSE

7119.27

‘cess

7:18:25PM

FRANCE

4989.2

‘cess

7:20:22PM

GERMANY

10962.84

10901

10812.5

10621

11054

11050

11123

11210

10936

‘cess

7:22:26PM

SP500

2708.92

Shambles

7:52:00PM

DOW

25118.2

‘cess

7:57:34PM

NASDAQ

6918.12

‘cess

8:05:09PM

JAPAN

20363

‘cess

 

 

8/02/2019 FTSE Closed at 7071 points. Change of -0.31%. Total value traded through LSE was: £ 5,244,296,643 a change of -13.54%

 

For John M.Strang

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