Trends and Targets for 12/02/2019

Barclays Bank #Gold #SP500 At the start of 2019, #Barclays was ‘almost’ looking interesting. We’ve commented on our in-house thinking; the Banking Sector shall prove the real barometer of Brexit prospects. If this is the case, the prospects look pretty confused presently.

At present, weakness continuing below 155 looks capable of traffic down to an initial 152p, along with a probable short lived bounce. Our secondary, if (when) 152 breaks is a bottom hopefully at 148p.

 

As the chart below illustrates (badly due to scaling issues), should Barclays hit 148p it can expect a bounce against the Brexit vote uptrend. Quite surprisingly, this uptrend actually stretches back in time to 2009 and the shambles which was “the last crash”. This creates quite a difficult scenario as the bank share price really cannot afford closure below RED on the chart. This would be a bad thing, launching the share price into territory where some epically poor drop potentials calculate with slight rebound potentials while the Big Picture allows a bottom at 78p eventually.

 

Of course, as with everything, there’s a “however” and in the case of Barclays, it’s at 166p. The share price only requires trade above such a level to launch itself into a region where 172p is our initial expectation. With closure above 172p, it shall exceed a downtrend since 2008 and giving ample expectation for continued recovery to 186p and beyond.

 

For now, it’s messing around and we shall not be surprised to witness the price oscillate between 148 and 166 until whatever Brexit means becomes clear.

 

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:02:42PM

BRENT

61.61

10:12:15PM

GOLD

1308.79

1303

1299

1290

1310

1312

1319.125

1321.5

1303

10:23:42PM

FTSE

7112.31

10:25:18PM

FRANCE

5014

‘cess

10:26:50PM

GERMANY

11009

10:29:08PM

US500

2709.27

2700

2693.5

2684

2718

2715

2724

2739

2700

Success

10:30:44PM

DOW

25061.8

‘cess

10:32:10PM

NASDAQ

6907.87

‘cess

10:33:40PM

JAPAN

20455

11/02/2019 FTSE Closed at 7129 points. Change of 0.82%. Total value traded through LSE was: £ 5,117,035,244 a change of -2.43%

 

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