Sports Direct Intl 17/12/2019

#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.

Hey, chart goes here
FUTURES

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

               

 

16/12/2019 FTSE Closed at 7519 points. Change of 2.26%. Total value traded through LSE was: £ 8,678,908,281 a change of -19.58%

13/12/2019 FTSE Closed at 7353 points. Change of 1.1%. Total value traded through LSE was: £ 10,792,434,555 a change of 97.15%

12/12/2019 FTSE Closed at 7273 points. Change of 0.79%. Total value traded through LSE was: £ 5,474,098,560 a change of -29.24%

11/12/2019 FTSE Closed at 7216 points. Change of 0.04%. Total value traded through LSE was: £ 7,735,942,999 a change of 44.42%

10/12/2019 FTSE Closed at 7213 points. Change of -0.28%. Total value traded through LSE was: £ 5,356,569,029 a change of 11.8%

9/12/2019 FTSE Closed at 7233 points. Change of -0.08%. Total value traded through LSE was: £ 4,791,115,303 a change of -0.49%

6/12/2019 FTSE Closed at 7239 points. Change of 1.43%. Total value traded through LSE was: £ 4,814,897,408 a change of -16.68%

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