Marks and Spencer for 10/09/2020

#Brent #SP500 Since the Covid-19 drop in mid-March, Marks & Spencers share price has been essentially hopping on the spot. From a high this year of 224p, the share was plunged to 74p and in the period since, has ‘recovered’ to oscillate between 90p and the 120p level. Technically, we’re inclined to call this behaviour boring, as exciting as their range of cardigans. To be fair, some hope can be taken from the March visit to 74p, thanks to the Big Picture proving an ultimate drop target level of 24p.

The fact the market opted to restrain the collapse in M&S’s value does give some slight hope as we cannot reliably calculate anything below the 24p level. Perhaps this failure indicates a belief in underlying strength for the retailer, one which shall perhaps provide some surprise recovery as market conditions change.

For safety sake, our inclination is to suggest 120p being exceeded as a strong potential trigger level as this should encourage some price recovery.  Initially, we’re calculating the potential of an initial visit to 148p with secondary, if bettered, a slightly more encouraging 159p.  Unfortunately, none of these ambitions come close to challenging the downtrend (Thick Blue line) since 2015 as this presently demands the price exceed 188p to give real hope of recovery.

 

As always, there’s a flip side to the scenario and it comes, should Marks &Spencer manage below 96p. Such a level breaking currently allows for reversal to an initial 82p with secondary, if broken, hopefully a bottom of 65p. We hope M&S does not decide to go S&M with its share price!

FUTURES

Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
9:56:40PM	BRENT	40.79	39.56	39.205	38.47	40.41	41.41	41.73	42.05	40.31	Success
10:08:19PM	GOLD	1947									‘cess
10:11:47PM	FTSE	6006									Success
10:14:01PM	FRANCE	5046.7									Success
10:24:37PM	GERMANY	13254									Success
10:26:25PM	US500	3394.82	3322	3310.5	3271	3372	3429	3441.5	3462	3389	‘cess
10:32:52PM	DOW	27954									‘cess
10:35:10PM	NASDAQ	11369									‘cess
10:37:31PM	JAPAN	23171									‘cess

 

9/09/2020 FTSE Closed at 6012 points. Change of 1.38%. Total value traded through LSE was: £ 4,445,872,932 a change of -0.63%

8/09/2020 FTSE Closed at 5930 points. Change of -0.12%. Total value traded through LSE was: £ 4,474,047,176 a change of 45.17%

7/09/2020 FTSE Closed at 5937 points. Change of 2.38%. Total value traded through LSE was: £ 3,081,866,920 a change of -35.14%

4/09/2020 FTSE Closed at 5799 points. Change of -0.87%. Total value traded through LSE was: £ 4,751,494,897 a change of 11.8%

3/09/2020 FTSE Closed at 5850 points. Change of -1.52%. Total value traded through LSE was: £ 4,250,184,579 a change of -2.94%

2/09/2020 FTSE Closed at 5940 points. Change of 1.33%. Total value traded through LSE was: £ 4,378,771,754 a change of -24.99%

1/09/2020 FTSE Closed at 5862 points. Change of -100%. Total value traded through LSE was: £ 5,837,308,187 a change of 0%