RBS for 4/07/2019

#DOW #GOLD We’d tried to skip RBS in our Retail Bank analysis recently. Essentially it proved difficult to whip up enthusiasm for a months price moves which frankly make the UK PM contest seem exciting and vibrant. However, there are slight signs things with RBS are about to become slightly interesting.

Movements now above 225p indicate the prospect of some recovery in the near future with 234p calculating as an immediate prospect. If this ambition appears, there’s a fairly firm suggestion we’ve spent the last year scanning movements against The Wrong Trend! What alarmed us this week was how the share price opened on Monday. The market opted to gap the price up, suggesting “they” were skipping over a trend. If this proves the case and 234p makes an appearance anytime soon, our secondary, if bettered, calculates at 253p.

We have considerable doubts regarding this and the lower chart gives a fairly straightforward visual excuse. It appears the market is asking us to believe RBS share price was jumped across a downtrend which started in 2008! We’re just a little sceptical about this, if only due to RBS previously triggering what seemed a solid movement down to 202p.

In theory, our 202p target level is now void but on this occasion, our inclination is to distrust software and instead fear the worst. After all, we’ve identified a market strategy when a share price is magically Gapped UP, then Gapped DOWN a few days later. This tends indicate a price is about to be roasted.

For RBS, this will mean weakness below 212 should propel the share down to 202p initially with secondary, if broken, at 177p. In fact, it could easily tumble to 149p eventually with the correct blend of toxic news and market conditions polluted by UK politics.

For now, we shall watch carefully for the price actually closing above 234p as this should make future tumultuous drops difficult.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:15:30PM

BRENT

63.8

               

10:18:30PM

GOLD

1419.29

1411

1405

1394

1423

1430

1441

1461

1412

‘cess

10:20:42PM

FTSE

7619.98

               

‘cess

10:22:38PM

FRANCE

5630.7

               

Success

10:35:46PM

GERMANY

12659

               

‘cess

10:37:52PM

US500

2997

               

Success

10:40:27PM

DOW

26982

26820

26766

26692

26950

26990

27028.5

27170

26840

Success

10:42:12PM

NASDAQ

7862

               

‘cess

10:44:07PM

JAPAN

21713

               

Success

3/07/2019 FTSE Closed at 7609 points. Change of 0.66%. Total value traded through LSE was: £ 5,833,923,345 a change of -4.39%

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