#Brent #DAX Preparing for the worst is in everyone’s nature. Currently going through a type of chemo, a visit to the loo on Friday morning suggested a justified degree of panic. Most blokes are used to recycling lager but a stream of what looked like red wine was scary. A quick check of ‘Possible Side Effects’ had the words, Go To Hospital in big red letters with this symptom. Needless to say (and due to feeling utterly fine), time was taken to pack a bag, to print a book (on the stock market) which still needs editing, and put critical files on a laptop. Eventually ready to spend a weekend in intensive care, arrived at the local hospital and was seen immediately.
After a very short delay, the doctor who’d taken the offered sample returned.
“You can go home now,” she smiled. “I’ve phoned the cancer unit and also emailed your GP. He’ll call you later. Essentially, it was gloop. The chemo is doing its job and expelling the bad stuff. There was hardly a trace of blood in your dark red pee!”
Returning home, a flurry of calls from the cancer unit and GP provided some fairly strict orders on what to watch for, along with a demand to attend hospital on Monday morning. They tend not to mess around with “belt and braces” levels of tests when going through treatment. But utter elation, a reprieve from real panic, ensured despite Scotland’s awful weather, the weekend was great. Sometimes we all panic needlessly.
Which brings us to Natwest and not, for a change, due to the share price ‘taking the p**s!’.
The retail banks, or as we call them, the Clown Sector of the FTSE, continue to show signs of recovering from the limbo dance of share prices. Natwest (RBS) managed to achieve our previous suggestion of 90p, taking the price below that achieved when the banking sector collapsed in 2009. Actually, the price bounced slightly above our 90p target, thus allowing some hope for the future.
Presently trading around the 113p level, the share needs next trade above 116.5p to confirm our fledgling optimism as this is supposed to trigger continued recovery to an initial 124p with secondary, if exceeded, a marginally more respectable 137p. Visually, there’s every chance the 137p level shall provoke some hesitation if achieved. This price level matches the immediate high following the March Covid drop and again, matches the high of last June. Experience tends teach us to watch out for Glass Ceiling levels and this one certainly appears a willing contender.
Only with closure above 137p dare we believe things shall become really interesting as it becomes easy to postulate continued longer term oomph in the direction of 192p.
If it all intends go wrong, the share needs drip below the 100p level as reversal to 90p is expected, hopefully with another bounce. There’s a serious problem below 90p as bottom, if this level breaks, now calculates down at 69p.
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
9/10/2020 FTSE Closed at 6016 points. Change of 0.64%. Total value traded through LSE was: £ 5,821,685,817 a change of 29.2%
8/10/2020 FTSE Closed at 5978 points. Change of 0.54%. Total value traded through LSE was: £ 4,506,090,091 a change of -9.79%
7/10/2020 FTSE Closed at 5946 points. Change of -0.05%. Total value traded through LSE was: £ 4,994,944,768 a change of 3.84%
6/10/2020 FTSE Closed at 5949 points. Change of 0.12%. Total value traded through LSE was: £ 4,810,400,259 a change of 20.66%
5/10/2020 FTSE Closed at 5942 points. Change of 0.68%. Total value traded through LSE was: £ 3,986,790,747 a change of -6.97%
2/10/2020 FTSE Closed at 5902 points. Change of 0.39%. Total value traded through LSE was: £ 4,285,372,497 a change of -12.92%
1/10/2020 FTSE Closed at 5879 points. Change of 0.22%. Total value traded through LSE was: £ 4,921,284,024 a change of -5.87%
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