#Gold #SP500 #Tullow has certainly not had to seek troubles. Trading above 16 quid back in 2012, the shares could be picked up for 7.5p in March of this year, the Covid-19 drop finally delivering a price level which shall hopefully be regarded as “bottom”. Despite the bounce from 7.5p proving very slightly useful, we’ve ample reason for concern at the chosen trajectory.
To be blunt, it’s heading down again!
Crude oil prices are proving a concern as Brent, for instance, is supposed to be heading to the 50 US dollar mark, this being a logical level for a bit of a pause on its way to the 55 dollar level. Unfortunately, the last two months have witnessed Brent making insipid movements and this lack of “bubbling to the surface” appears to be infecting the oil sector with a considerable doze of nerves. Perhaps too frequently, we whine about what to expect, if a price refuses to go up but unfortunately, this often appears the case when gravity rears its ugly head.
In the case of Tullow, we don’t need worry about gravity but instead, cold visuals on the chart. The downtrend since the start of December, 2019, has been quite vivid and the market appears rigid in ensuring Tullow doesn’t break trend. At time of writing, Tullow is trading around the 21p and we feel we can only identify a trigger level at 27p as a point above which some hope is possible.
Above 27p calculates with an initial ambition of 35p with secondary, if exceeded, at 42p. In fact, should the 42p level be achieved, there’s a serious risk it could be ignored with a frenzied rise to 56p kicking into life.
Unfortunately, as mentioned earlier, Tullow feels destined to head downward. Below 20p looks very capable of producing some reversals to an initial 15p with secondary, if broken, at a hopeful bottom of 10p. Should this scenario appear, a bunch of folk are liable to shout “Double Bottom”, taking Long positions, driving some price recovery. We can hope so, anyway!
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:17:19PM | BRENT | 45.85 | |||||||||
| 9:19:00PM | GOLD | 1970.1 | 1963 | 1951 | 1937 | 1977 | 1993 | 2009 | 2043 | 1978 | ‘cess |
| 9:26:42PM | FTSE | 5872 | Success | ||||||||
| 9:51:40PM | FRANCE | 4938.7 | ‘cess | ||||||||
| 9:53:26PM | GERMANY | 13006.47 | ‘cess | ||||||||
| 9:55:38PM | US500 | 3531.57 | 3493 | 3486 | 3470 | 3511 | 3534 | 3539 | 3557 | 3514 | Success |
| 9:58:18PM | DOW | 28673 | ‘cess | ||||||||
| 9:59:46PM | NASDAQ | 12331 | Success | ||||||||
| 10:01:46PM | JAPAN | 23213 |
1/09/2020 FTSE Closed at 5862 points. Change of -1.69%. Total value traded through LSE was: £ 5,837,308,187 a change of 19.78%
28/08/2020 FTSE Closed at 5963 points. Change of -0.6%. Total value traded through LSE was: £ 4,873,414,475 a change of 40.53%
27/08/2020 FTSE Closed at 5999 points. Change of -0.73%. Total value traded through LSE was: £ 3,467,869,882 a change of -4.16%
26/08/2020 FTSE Closed at 6043 points. Change of 0.1%. Total value traded through LSE was: £ 3,618,462,432 a change of 3.2%
25/08/2020 FTSE Closed at 6037 points. Change of -1.1%. Total value traded through LSE was: £ 3,506,401,056 a change of 13.29%
24/08/2020 FTSE Closed at 6104 points. Change of 1.72%. Total value traded through LSE was: £ 3,095,099,740 a change of -18.48%
21/08/2020 FTSE Closed at 6001 points. Change of -100%. Total value traded through LSE was: £ 3,796,928,950 a change of 0%
SUCCESS above means both FAST & SLOW targets were met. ‘CESS means just the FAST target met and probably the next time it is exceeded, movement to the SLOW target shall commence.
Our commentary is in two sections. Immediately below are today’s updated comments. If our commentary remains valid, the share can be found in the bottom section which has a RED heading. Hopefully, this will mean you no longer need to flip back through previous reports. HYPERLINKS DISABLED IN THIS VERSION
Please remember, all prices are mid-price (halfway between the Buy and Sell). When we refer to a price CLOSING above a specific level, we are viewing the point where we can regard a trend as changing. Otherwise, we are simply speculating on near term trading targets. Our website is www.trendsandtargets.com.
UPDATE. We often give an initial and a secondary price. If the initial is exceeded, we still expect it to fall back but the next time the initial is bettered, the price should continue to the secondary. The converse it true with price drops.
We can be contacted at info@trendsandtargets.com. Spam filters set to maximum so only legit emails get through…