RBS for 8/10/2019

RBS (LSE:RBS) We cheerfully skipped a Sept report for RBS. It ‘successdully’ hit our initial bounce target of 196 and exceeded it, alas fading at 218p, just below our secondary of 220p. We suspect achieving 220p shall prove very significant, if any rise is to be taken seriously.

If we pause for a moment and consider what’s unlikely to happen, above 220p now suggests recovery to an initial 238p. If exceeded, secondary calculates at a longer term 282p. We’re pretty far from convinced, thanks to the visuals. Growth to target levels as postulated suggest a coming series of “higher highs”, along with the potential of some serious long term growth.

Like everyone else, we watch the news and “long term growth” and “banking sector” are terms which rarely appear together!

Surprisingly, RBS share price has now exceeded the long term downtrend since 2008 and the inset highlights how the share’ closing price has reacted to this momentous occasion. After a brief surge upward, the rise faded and visually we believe it intends dribble down to 178p next, probably carefully above the Blue trend line. If this is the case, 178p should appear just before the end of this month. The real danger comes with any break below 178p as reversal now to 142p (and hopefully a bottom) calculates as possible.

Failing that, there’s a pretty solid hope it “must” (aka might) bounce at 100p.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:11:19PM

BRENT

58.33

               

Success

9:14:49PM

GOLD

1492.67

1487

1477

1471

1504

1507

1512.5

1521

1496

‘cess

9:24:52PM

FTSE

7191.68

               

‘cess

9:49:53PM

FRANCE

5512.2

               

‘cess

9:55:33PM

GERMANY

12072

               

‘cess

10:01:32PM

US500

2937.17

               

10:03:55PM

DOW

26470.9

               

10:06:17PM

NASDAQ

7727.12

7675

7667

7626

7760

7788

7830

7883

7675

10:08:28PM

JAPAN

21475

               

 

 

7/10/2019 FTSE Closed at 7197 points. Change of 0.59%. Total value traded through LSE was: £ 5,564,169,791 a change of 8.23%

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