SSE for 6/06/2019

#DOW #DAX For some reason, we’ve had a flurry of emails regarding energy company share prices and we’ve opted on SSE to run an analysis against. Something a bit funny appears to be happening across the entire sector. It’s showing the chances of some fairly near term recovery, against a backdrop of the big picture suggesting downward travel.

The immediate suggestion for SSE is of movement above 1111p indicating the potential of coming travel to 1182p. At best, this challenges the downtrend since last year and if above, further oomph toward 1313p becomes possible. But as always, there’s a problem.

Circled on the chart are three price movements, opening second gaps. From Left to Right, they imply the market said “this price should go down”. Then, the next one says, “yes, you recovered but we really want the price down”.

And finally, “Look, stay down. We’ve told you twice already!”

While we’re taking a rather whimsical approach, visually there can be no doubt the market REALLY expects SSE share price to relax. As a result, the big question is to where?

It looks like weakness now below 1000p shall drive the share down to 939p next. If broken, secondary calculates at 894p but we really suspect it shall have difficulty closing a day below 939p. The reason for this is fairly simple – it moves the share price into a region with the big picture demanding reversal to 683p ultimately.

To cut to the chase, our belief is, should SSE Plc reach 939p, it may well prove worth a look to catch any bounce coming.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:20:36PM

FTSE

7230

               

‘cess

10:24:05PM

BRENT

60.29

               

‘cess

10:26:00PM

GOLD

1330.94

               

Success

10:28:46PM

FRANCE

5295.5

               

‘cess

10:30:17PM

GERMANY

11992.71

11926

11898

11845

12017

12057

12080.5

12132

11950

‘cess

10:34:42PM

US500

2827.62

               

Success

10:37:00PM

DOW

25549

25330

25283.5

25191

25511

25561

25618.75

25765

25376

‘cess

10:42:47PM

NASDAQ

7225.32

               

‘cess

10:44:25PM

JAPAN

               

Success

 

5/06/2019 FTSE Closed at 7220 points. Change of 0.08%. Total value traded through LSE was: £ 6,417,553,392 a change of 4.62%

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