#Gold #Nasdaq It’s always easy to be scathing about supermarkets, purveyors of dreadful shopping environments, early adopters of robots to replace humans (unmanned checkouts). But #Morrisons managed redeem themselves to the writer by selling something thought to be gone forever. Was it a Marathon Bar?
Since diagnosis with Coeliac Disease back in 2004, simple things like Croissants vanished from the diet. Eating habits which had previously been in full colour immediate changed to shades of grey. In the years since, ‘gluten’ has become an issue, suddenly bringing things like Nan Bread back to the table. Innocently appearing in the “Gluten Free” section of our local Morrisons, packets of 2 Croissant looked appealing and demanded their purchase.
The sheer joy of watching the FTSE open on Monday, armed with a Latte and 2 hot Croissant, prompted an effort to be generous with a review of Morrison’ share price. If they could give me something missed for 16 years, the least I can do is propose some good news for their shares.
Despite making the effort to sound encouraging, the reality is less than encouraging, a bit like Warbitons Gluten Free Bread, looking great but packed with other allergens.
The immediate situation for Morrison is dodgy, looking very like weakness now below 180p shall bring reversal to an initial 175p. If (or rather, when) broken, it should bottom and hopefully bounce at 165p. It’s the 165p level where extreme care needs taken. This will represent the share price achieving a new “lower low”, breaking the uptrend since 2015 and in the process, taking the price below the lowest part of that particular cycle.
If, on the initial surge down to 165p, the price manages below such a level, any bounce risks being short lived as the ruling expectation becomes 140p. At this level, we’d hope for a real rebound. Even visually, given the match with the low of 2015, it will make sense to anticipate a recoil if 140p makes itself known.
To escape this toxic mess, Morrison price needs exceed 197p currently, entering a zone where an initial 210 makes sense with secondary, if bettered, a very promising 228p.
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
10:02:59PM |
BRENT |
54.12 | |||||||||
10:04:53PM |
GOLD |
1577.07 |
1569 |
1567 |
1562 |
1579 |
1581 |
1584.5 |
1590 |
1573 |
‘cess |
10:07:05PM |
FTSE |
7327.96 | |||||||||
10:08:58PM |
FRANCE |
5822.2 | |||||||||
10:11:01PM |
GERMANY |
13019.98 |
‘cess | ||||||||
10:14:33PM |
US500 |
3247.22 | |||||||||
10:17:08PM |
DOW |
28428 |
‘cess | ||||||||
10:22:17PM |
NASDAQ |
9099.37 |
9019 |
8970 |
8910 |
9073 |
9128 |
9149 |
9212 |
9064 | |
10:24:49PM |
JAPAN |
22877 |
Success |