#Brent #DAX Every week, we feature one of the main retail banks as our opening article, every week hoping the share price shall do something positive. This effectively means, we start each week pretty disappointed the sector still is failing to perform. When we last covered Barclays 3 weeks ago, we’d optimistically reported 103.5 as a possible initial target level. If exceeded, our secondary was at 113p.
Something funny happened. The price achieved our initial target level, moved above it for 4 sessions with the rise eventually losing interest in life around 1/2 way to our all important secondary. We’re inclined to treat this as perhaps signalling a lack of strength and commitment, making us suspect another round of floundering about aimlessly is due to commence! If this is indeed the case, weakness next below 98p calculates with the potential of reversal to an initial 92.5p with secondary, if broken, at 87p. In a normal world, we’d hope for a proper bounce if the secondary is achieved but there’s a distinct big picture worry due to the visuals indicating such a movement takes the share into the land of lower lows.
Perhaps we’re being too dramatic as Barx now need only exceed 105 to next suggest movement coming to an initial 109 with secondary, if exceeded, a less likely (given recent behaviour) 116p. One item we shouldn’t ignore; the share price HAS NOT closed below the point at which it broke the immediate downtrend. Had the company managed to close a day below 99p, this would confirm the onset of weakness. Instead, care has been taken to ensure this was not the case and thus, perhaps hope is justified.
FUTURES
Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
9:58:29PM | BRENT | 43.04 | 42.44 | 41.66 | 40.99 | 43.27 | 43.26 | 43.52 | 43.88 | 42.45 | Shambles |
10:00:24PM | GOLD | 1899.86 | ‘cess | ||||||||
10:03:37PM | FTSE | 5908 | ‘cess | ||||||||
10:24:52PM | FRANCE | 4934 | Success | ||||||||
10:27:15PM | GERMANY | 12889 | 12798 | 12776.5 | 12715 | 12892 | 12961 | 12990 | 13121 | 12894 | Success |
10:28:55PM | US500 | 3471.82 | ‘cess | ||||||||
10:30:38PM | DOW | 28540 | Success | ||||||||
10:37:33PM | NASDAQ | 11808 | ‘cess | ||||||||
10:39:20PM | JAPAN | 23490 | ‘cess |