#Brent #DAX It was an odd weekend with demonstrators in Parliament Square, London ‘protecting’ a boxed Churchill statue, some giving Nazi salutes. We’ve not noticed groups of Nazis getting so worked up over a sealed box since ‘Raiders of the Lost Ark’ hit the big screen. Will the UK ever rebuild and can it involve some protestors brains?
This brings us to Taylor Wimpey, along with the big question of whether building companies will get restarted properly with lockdown easing. An acquaintance in the trade has been experiencing a problem with suppliers, two of whom announced they are not reopening and instead, opting for liquidation. Making matters worse, she has been experiencing difficulty sourcing replacement suppliers in Europe and it makes us suspect the building industry is about to face some peculiar times.
Taylor Wimpey had a superb start to 2020 and until Covid-19, things were looking especially hopeful for the longer term. Suddenly, it all came crashing down and a share price which had been starting to illustrate over 4 quid as a reasonable big picture ambition proved as stable as one of these houses built above decaying cliffs in the South. From our perspective, matters were made worse by the share price experiencing a GaGa, Gap Up then Gap Down, circled on the chart. This absurd series of price movements is usually quite reliable in allowing us to predict future target levels.
In the case of Taylor Wimpey, the two gaps generated sufficient weakness to attempt an initial 88p with secondary, when broken, at a bottom hopefully at 47p. None of this has actually happened (yet) as the lowest the price reached was Red on the chart, an uptrend since 2008. We’re not inclined to relax just yet as Taylor Wimpey need trade above 170p to generate an initial attempt at 183. If the share price exceeds 183p, this gives the first indication our GaGa gloom is probably nonsense, moving the price into a zone where movement above allows a further surge to 183p.
We fear it’s more likely any future break of Red, presently 103p, shall now bring reversal to an initial 88p with secondary, when broken, at a bottom hopefully of 47p. We’ve painted 20p as “ultimate” bottom on the chart, this being the level we cannot calculate below.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 4:39:41PM | BRENT | 39.08 | 37.11 | 36.125 | 34.98 | 38.7 | 39.56 | 40.065 | 41.05 | 38.23 | Shambles |
| 4:41:16PM | GOLD | 1731 | |||||||||
| 4:44:25PM | FTSE | 6131.6 | Success | ||||||||
| 4:54:00PM | FRANCE | 4856.7 | Success | ||||||||
| 5:07:19PM | GERMANY | 12008.91 | 11824 | 11684 | 11520 | 11974 | 12174 | 12224.5 | 12383 | 11987 | Success |
| 5:28:58PM | US500 | 3037.52 | Success | ||||||||
| 5:31:35PM | DOW | 25561 | Success | ||||||||
| 5:33:50PM | NASDAQ | 9647.24 | Success | ||||||||
| 5:35:46PM | JAPAN | 22189 | Success |
12/06/2020 FTSE Closed at 6105 points. Change of 0.48%. Total value traded through LSE was: £ 5,923,571,843 a change of -4.84%
11/06/2020 FTSE Closed at 6076 points. Change of -4%. Total value traded through LSE was: £ 6,224,767,909 a change of 0.67%
10/06/2020 FTSE Closed at 6329 points. Change of -0.14%. Total value traded through LSE was: £ 6,183,586,009 a change of -20.17%
9/06/2020 FTSE Closed at 6338 points. Change of -2.07%. Total value traded through LSE was: £ 7,746,073,267 a change of -2.7%
8/06/2020 FTSE Closed at 6472 points. Change of -0.19%. Total value traded through LSE was: £ 7,960,814,062 a change of 13.86%
5/06/2020 FTSE Closed at 6484 points. Change of 2.26%. Total value traded through LSE was: £ 6,991,891,155 a change of 13.09%
4/06/2020 FTSE Closed at 6341 points. Change of -0.64%. Total value traded through LSE was: £ 6,182,855,691 a change of -6.26%