Drax PLC for 6/08/2020

#Germany #Nasdaq At this time of year, some considerable effort is made to “lay in” a decent supply of firewood for the coming winter here in Scotland. As anyone with oil fired heating knows, it’s not the cheapest way to heat a home. Being blessed with a forest in the back garden, it seemed an easy plan to attach chain and rope to seasoned fallen trees, then use our little red tractor to pull the trunks over the cliff and down to the garden eventually.

Matters went well until the first tree dropped off the cliff, on hitting the ground it defied gravity and leapt sideways into the base of the waterfall. This gave a couple of issues, namely the tree trunk was clearly heavier than the tractor which became briefly airborne before getting partially lodged in the stream gully. And secondly, the waterfall flow rate is presently a health hazard, thanks to what TV weather described as “biblical levels of rain”. An innocent attempt to have a supply of timber, ready for friends to chainsaw and chop this weekend, created a tableau which shall be greeted with slowly shaken heads.

This was a job which should not have been tackled solo!

Of course, while sitting looking out at the abandoned tractor, sufficient reason was given to wonder how Drax shall cope next year. They plan to close their coal fired facility, instead focussing on wood fired green energy as they aim to become a “Zero Carbon” energy supplier eventually. Hopefully the company engage brain before trying to drag logs down a hill…

Drax share price, presently around 289p, only needs exceed  295p to hopefully trigger some growth to an initial 339p. If bettered, our secondary calculates at a longer term 361p but visually, closure above 339p looks like being game changing for the shares future. Such an event will tend suggest the Glass Ceiling around the 339 level has broken and we should make long term plans for 480p and beyond.

If Drax intend spoil the party, the share price needs slip below Red on the chart, currently around 240p. Such a movement threatens reversal to 208p initially with secondary, if broken, working out at 151p and hopefully a bottom.

Our suspicion is Drax share price plans some gains.

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
10:08:31PM BRENT 45.32 Success
10:27:18PM GOLD 2038.24 Success
10:29:32PM FTSE 6061
10:31:15PM FRANCE 4914.7 ‘cess
10:44:00PM GERMANY 12615 12575 12520 12440 12642 12760 12807 12878 12646
10:49:00PM US500 3324.27 Success
10:55:12PM DOW 27182 Success
10:57:46PM NASDAQ 11107 11068 11034.5 10990 11136 11168 11176 11212 11090 ‘cess
10:59:23PM JAPAN 22480 ‘cess

 

5/08/2020 FTSE Closed at 6104 points. Change of 1.13%. Total value traded through LSE was: £ 5,724,834,824 a change of 13.25%
4/08/2020 FTSE Closed at 6036 points. Change of 0.07%. Total value traded through LSE was: £ 5,055,051,224 a change of 18.31%
3/08/2020 FTSE Closed at 6032 points. Change of 2.29%. Total value traded through LSE was: £ 4,272,722,908 a change of -22.49%
31/07/2020 FTSE Closed at 5897 points. Change of -1.54%. Total value traded through LSE was: £ 5,512,609,995 a change of 17.63%
30/07/2020 FTSE Closed at 5989 points. Change of -2.32%. Total value traded through LSE was: £ 4,686,446,061 a change of 8.2%
29/07/2020 FTSE Closed at 6131 points. Change of 0.03%. Total value traded through LSE was: £ 4,331,168,852 a change of 8.86%
28/07/2020 FTSE Closed at 6129 points. Change of 0.41%. Total value traded through LSE was: £ 3,978,793,130 a change of -6.88%

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