Petrofac & a glance at the Euro Stoxx 50

#FTSE #WallSt For us, increasingly it appears everything revolves around price levels before the Covid-19 drop last year. If a price has recovered above this level, we tend toward enthusiasm, due to a price moving from ‘recovery’ into ‘growth’. For instance, with the #Stoxx50, the index level was roughly 3,900 before the pandemic hit the fan and now, it’s trading around 4,085 points. In this instance, we’re happy and able to speculate on a surprising future for the European index.

The immediate future is pretty amazing, needing above just 4,102 points to confirm a cycle toward an initial 4,178 points. If exceeded, our longer term secondary calculates at 4,405 points. We’ve quite a strong cluster of arguments pointing at the 4,400 level as a viable ambition. Not least is the impression from the chart below as, in addition to arithmetic, there’s a strong visual indication some hesitation can be anticipated, should the index make it up the mountain to challenge a high not seen since 2007.

If exceeded, there’s an even longer term influence from 4,817 points, allegedly painting the potential of a new all time high. For it all to go pear shaped, the European index needs reverse below Blue on the chart, presently around 3,800 points.

Hey, chart goes here

Petrofac, and as mentioned above, we ration our enthusiasm until such point a price is trading above its pre-pandemic level. In the case of Petrofac, describing themselves as; “Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world’s leading energy companies.”, their share price prior to the Covid-19 drop was 373p. At time of writing, the company is trading around 139p, substantially below the level achieved on the initial pandemic drop. We’re actually fairly impressed the share price has carefully avoided closing below 90p as there were many reasons to hope for a rebound at such a level.

Currently, with oil prices rising and lockdown easing, surely increased activity in the oil sector shall rub off on Petrofac. If we’re strict, we can establish 145p as a potential trigger level, exceeding this should propel the share price to a stunning 150p. Okay, perhaps not very impressive but in the event 150p is bettered, Bigger Picture forces should start influencing the share price properly, provoking recovery toward an initial 182p. The Big Picture is slightly vague as to our secondary price growth target, if this level is successfully challenged. The share price could either head toward a longer term 255p or, more probably, an attempt at pre-pandemic levels which works out at 375p.

Petrofac needs reverse below 90p to cause utter panic for the company share price future. For now, we suspect it shall prove worth watching.

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
10:41:18PM BRENT 71.21
10:48:04PM GOLD 1908.52 Shambles
10:51:15PM FTSE 7104.56 7069 7050 7026 7112 7122 7133.5 7155 7082 Success
10:53:12PM FRANCE 6516.2 ‘cess
10:55:12PM GERMANY 15594.94
10:58:32PM US500 4208.92
11:04:16PM DOW 34615 34495 34391 34238 34595 34712 34771 34863 34576
11:06:17PM NASDAQ 13685 ‘cess
11:09:11PM JAPAN 28862 Success
2/06/2021 FTSE Closed at 7108 points. Change of 0.4%. Total value traded through LSE was: £ 5,048,977,038 a change of -2.93%
1/06/2021 FTSE Closed at 7080 points. Change of 0.83%. Total value traded through LSE was: £ 5,201,214,939 a change of -13.74%
28/05/2021 FTSE Closed at 7022 points. Change of 0.04%. Total value traded through LSE was: £ 6,029,889,894 a change of -45.96%
27/05/2021 FTSE Closed at 7019 points. Change of -0.1%. Total value traded through LSE was: £ 11,159,138,786 a change of 114.44%
26/05/2021 FTSE Closed at 7026 points. Change of -0.04%. Total value traded through LSE was: £ 5,203,804,555 a change of -0.88%
25/05/2021 FTSE Closed at 7029 points. Change of -0.31%. Total value traded through LSE was: £ 5,249,852,674 a change of 45.96%
24/05/2021 FTSE Closed at 7051 points. Change of -100%. Total value traded through LSE was: £ 3,596,890,836 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…

Section One – Outlook Updated Today. Click here for Section Two – Outlook Remains Valid shares

Click Epic to jump to share: LSE:AGM Applied Graphene** **LSE:CCL Carnival** **LSE:CPI Capita** **LSE:DGE Diageo** **LSE:EMG MAN** **LSE:IHG Intercontinental Hotels Group** **LSE:NG. National Glug** **LSE:OXIG Oxford Instruments** **LSE:QFI Quadrise** **LSE:RR. Rolls Royce** **LSE:SCLP Scancell** **LSE:SPX Spirax** **

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Updated charts published on : Applied Graphene, Carnival, Capita, Diageo, MAN, Intercontinental Hotels Group, National Glug, Oxford Instruments, Quadrise, Rolls Royce, Scancell, Spirax,

LSE:AGM Applied Graphene Close Mid-Price: 29.75 Percentage Change: -0.50% Day High: 30 Day Low: 28.5

Weakness on Applied Graphene below 28.5 will invariably lead to 17 with s ……..

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LSE:CCL Carnival. Close Mid-Price: 1845.2 Percentage Change: + 1.43% Day High: 1849.8 Day Low: 1790.2

Continued trades against CCL with a mid-price ABOVE 1849.8 should improve ……..

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LSE:CPI Capita Close Mid-Price: 39.24 Percentage Change: -3.04% Day High: 40.82 Day Low: 39.09

Weakness on Capita below 39.09 will invariably lead to 31p and possible b ……..

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LSE:DGE Diageo. Close Mid-Price: 3419.5 Percentage Change: + 0.37% Day High: 3451 Day Low: 3403.5

Target met. All Diageo needs are mid-price trades ABOVE 3451 to improve a ……..

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LSE:EMG MAN. Close Mid-Price: 177.85 Percentage Change: + 0.11% Day High: 180 Day Low: 176.55

Continued trades against EMG with a mid-price ABOVE 180 should improve th ……..

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LSE:IHG Intercontinental Hotels Group Close Mid-Price: 5046 Percentage Change: -0.04% Day High: 5096 Day Low: 4996

Further movement against Intercontinental Hotels Group ABOVE 5096 should ……..

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LSE:NG. National Glug. Close Mid-Price: 960.6 Percentage Change: + 1.11% Day High: 965.6 Day Low: 948.5

Target met. In the event of National Glug enjoying further trades beyond ……..

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LSE:OXIG Oxford Instruments. Close Mid-Price: 2170 Percentage Change: + 2.84% Day High: 2210 Day Low: 2065

All Oxford Instruments needs are mid-price trades ABOVE 2210 to improve a ……..

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LSE:QFI Quadrise Close Mid-Price: 4.21 Percentage Change: -10.15% Day High: 4.5 Day Low: 4.21

If Quadrise experiences continued weakness below 4.21, it will invariably ……..

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LSE:RR. Rolls Royce. Close Mid-Price: 112.3 Percentage Change: + 3.08% Day High: 112.6 Day Low: 108.96

In the event of Rolls Royce enjoying further trades beyond 112.6, the sha ……..

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LSE:SCLP Scancell Close Mid-Price: 19.25 Percentage Change: -2.78% Day High: 19.75 Day Low: 19.25

Continued weakness against SCLP taking the price below 19.25 calculates a ……..

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LSE:SPX Spirax. Close Mid-Price: 12785 Percentage Change: + 0.47% Day High: 12900 Day Low: 12725

Further movement against Spirax ABOVE 12900 should improve acceleration t ……..

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*** End of “Updated Today” comments on shares.

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