#SPY #CAC40 Our coloured trend lines on the chart below suggest an attempt at solidarity with Pride events. However, we’re actually trying to highlight something quite different, namely when Trend Lines are rubbish! But, in proving themselves useless, they also suggest something else quite surprising.
Our review last July warned of dangers, if UKOG managed to close a session below RED on the chart. An event such as this would project the share into a region where we really cannot confident predict bottom. The intervening year has proven both deathly boring but neither has UK Oil & Gas share price drilled itself in the foot. Instead, the share price has bumbled along as if nothing has really happened.
Equally important, we’ve painted three downtrends on the chart, each of which would normally be expected to provoke reasonable movement when the share price blasted through the trend. The Light Blue line certainly afforded some slight growth, probably due to internet chatroom optimism. This flash in the pan quickly faded and the next break, through the Green downtrend provoked as much interest as a PM contenders speech.
At present, the share price is playing coyly with the Blue downtrend and we’re just not sure what will have if (or when) the price manages to kick its way through the line.
There is something worthy of consideration. Despite the share price not really going up when it betters downtrends, neither has it succumbed to temptation and crashed despite breaking the long term Red uptrend. Our best guess “bottom” projection is an obviously impossible Minus 0.5p.
The subliminal message given is of the market not being ready to give up on the share, just yet. In fact, some hope is possible, simply requiring the right type of news. At present, above 1.2p is supposed to generate slight recovery to a useless 1.5p. If exceeded, secondary is at 1.95p. Thanks to a glass ceiling existing at the 2p level, we’d need closure above this point to give real hope for the longer term as some quite vivid recovery is possible.
For now, about the only hope is straightforward. It’s neither going up nor down, so something is due to happen!
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
9:57:28PM |
BRENT |
64.47 | |||||||||
|
9:59:06PM |
GOLD |
1398.08 | |||||||||
|
10:01:45PM |
FTSE |
7542.77 |
‘cess | ||||||||
|
10:03:53PM |
FRANCE |
5578.7 |
5542 |
5512 |
5472 |
5593 |
5584 |
5593 |
5610 |
5558 |
‘cess |
|
10:06:49PM |
GERMANY |
12458 |
Success | ||||||||
|
10:09:08PM |
US500 |
2979.27 |
2958 |
2953 |
2938 |
2980 |
2981 |
2984.5 |
2993 |
2971 |
‘cess |
|
10:11:32PM |
DOW |
26790 |
‘cess | ||||||||
|
10:19:37PM |
NASDAQ |
7826.87 |
‘cess | ||||||||
|
10:25:54PM |
JAPAN |
21527 |
