#Gold #SP500 Sometimes we’re surprised at the sheer speed of a price movement, when criteria are satisfied. In the case of #SportsDirect, our analysis in September (link) suggested price levels above which the share almost “had” to move. It moved and now, resides in what’s commonly called ‘Game Changing’ territory.
To be fair, it’s ALMOST in Game Changing territory. There’s a tiny little problem with the price visuals and it relates to a downtrend which began in April 2014. Currently this trend line is at 474.736p and the market opted to close Sports Direct at 472.2p. It’s almost like someone had a crayon, drew a line, and said “No Further!”. If the situation is indeed to prove Game Changing, the first box we require ticked is of the share price actually closing a session above the Blue line on the chart.
The immediate situation gives some hope as movement near term exceeding 476p is supposed to head upward to an initial 512p. If we play safe and sane, only with moves beyond 512p dare we believe future recovery to an initial 564p makes sense. If exceeded, our Big Picture secondary calculates at 698p and visually, this sort of level appears to be a Glass Ceiling in Waiting for the future.
At present, it’s pretty difficult to define a danger level for the price. Movements since September suggest the share requires below 290p to justify panic as this could easily provoke a reversal cycle to 144p. We’d suspect the company would need announce a sponsorship deal with Russian athletes for the forthcoming Olympics, if they’re serious about driving the price down.
For now, quite a lot of hope remains for Sports Direct share price and we think it shall prove a matter of patience, along with positive overall market conditions.
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
10:24:29PM |
BRENT |
64.78 | |||||||||
10:27:03PM |
GOLD |
1476.96 |
1465 |
1460.5 |
1454 |
1475 |
1480 |
1482.75 |
1490 |
1465 | |
10:29:59PM |
FTSE |
7523.5 |
Success | ||||||||
10:38:27PM |
FRANCE |
5986 |
‘cess | ||||||||
10:54:55PM |
GERMANY |
13401 | |||||||||
10:56:11PM |
US500 |
3191.85 |
3177 |
3169.5 |
3160 |
3184 |
3198 |
3205 |
3212 |
3179 |
‘cess |
10:59:59PM |
DOW |
28239.8 | |||||||||
11:02:42PM |
NASDAQ |
8572.75 |
Success | ||||||||
11:04:32PM |
JAPAN |
24110 |