Petrofac, a Strong Buy?

#CAC40 #SP500 The Oil & Gas sector is again looking fairly vibrant and as a result, we’ve opted to run the numbers against #Petrofac, a pretty large company who describe themselves as a Leading International service provider to the energy industry. A glance at their website reveals a fairly intimidating range of activities, giving a quite firm impression if the oil sectors are doing well, so shall Petrofac.

This being the case, the share price (presently around 135p) looks poised to produce something useful. It’s worth remembering this share was trading around 400p, prior to the Covid-19 crash and thankfully, reversals failed to breach the critical (according to our calculations) 90p level.  Repeated attempts managed to produce a low of 90.9p and now, according to the chart since 2013, a degree of optimism is possible.

 

Above just 140p should prove interesting, working out as capable of triggering some price recovery to an initial 161p. Our secondary calculation proves more promising, coming in with an ambition (if our initial target is bettered) at a longer term 190p. This secondary target is pretty important, hopefully able to allow the share price to close a session above 182p. Such an event is liable to prove game changing for the future, essentially allowing the share price to react against the dreadful downtrend since 2013, ideally provoking a strong recovery cycle.

Currently, what’s of some special interest is the sheer number of major “oilers” being rated as Strong Buy by the usual suspects in the marketplace. We’re being a little cautious with this one in allocating a trigger level 5p above the current price level but, according to our software, we should look favourably on this share should it find sufficient excuse to trade above our 140p trigger. As for the “Really Big Picture”, if the price manages to close above 182p, we should apparently anticipate a cycle where a virtual challenge to pre-pandemic levels calculates as possible. Apparently, if it ever manages to trade above 376p, we shall need give the tea leaves a long hard look.

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:02:45PM BRENT 84.38 ‘cess
10:05:38PM GOLD 1827.6
10:08:00PM FTSE 7550.57 Success
10:10:00PM FRANCE 7233.5 7181 7174 7148 7239 7252 7300 7368 7200
10:11:55PM GERMANY 16012.61
10:21:25PM US500 4728 4702 4684 4663 4728 4748 4758 4818 4702 ‘cess
10:24:08PM DOW 36304 ‘cess
10:26:43PM NASDAQ 15900 ‘cess
10:41:41PM JAPAN 28663 Success
12/01/2022 FTSE Closed at 7551 points. Change of 0.83%. Total value traded through LSE was: £ 7,371,380,208 a change of 17.9%
11/01/2022 FTSE Closed at 7489 points. Change of 0.59%. Total value traded through LSE was: £ 6,252,372,247 a change of -8.66%
10/01/2022 FTSE Closed at 7445 points. Change of -0.53%. Total value traded through LSE was: £ 6,844,878,564 a change of 25.04%
7/01/2022 FTSE Closed at 7485 points. Change of 0.47%. Total value traded through LSE was: £ 5,474,069,038 a change of -10.83%
6/01/2022 FTSE Closed at 7450 points. Change of -0.88%. Total value traded through LSE was: £ 6,138,809,460 a change of 26.57%
5/01/2022 FTSE Closed at 7516 points. Change of 0.15%. Total value traded through LSE was: £ 4,850,064,854 a change of -31.07%
4/01/2022 FTSE Closed at 7505 points. Change of -100%. Total value traded through LSE was: £ 7,036,052,579 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:AV. Aviva** **LSE:BARC Barclays** **LSE:BDEV Barrett Devs** **LSE:BP. BP PLC** **LSE:DGE Diageo** **LSE:ECO ECO (Atlantic) O & G** **LSE:GKP Gulf Keystone** **LSE:GLEN Glencore Xstra** **LSE:HSBA HSBC** **LSE:OCDO Ocado Plc** **LSE:ODX Omega Diags** **LSE:POG Petrop etc** **LSE:STAN Standard Chartered** **

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Updated charts published on : Applied Graphene, Aviva, Barclays, Barrett Devs, BP PLC, Diageo, ECO (Atlantic) O & G, Gulf Keystone, Glencore Xstra, Ocado Plc, Omega Diags, Petrop etc, Standard Chartered,

LSE:AGM Applied Graphene. Close Mid-Price: 21.5 Percentage Change: + 0.00% Day High: 22 Day Low: 20.45

Target met. Continued weakness against AGM taking the price below 20.45 c ……..

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LSE:AV. Aviva Close Mid-Price: 435 Percentage Change: -0.21% Day High: 439 Day Low: 433.3

Continued trades against AV. with a mid-price ABOVE 439 should improve th ……..

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LSE:BARC Barclays. Close Mid-Price: 211.8 Percentage Change: + 2.32% Day High: 212.2 Day Low: 209.05

Further movement against Barclays ABOVE 212.2 should improve acceleration ……..

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LSE:BDEV Barrett Devs Close Mid-Price: 685 Percentage Change: -3.39% Day High: 707.8 Day Low: 683

Weakness on Barrett Devs below 683 will invariably lead to 671 with secon ……..

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LSE:BP. BP PLC. Close Mid-Price: 381.45 Percentage Change: + 3.21% Day High: 382.8 Day Low: 372.95

Target met. All BP PLC needs are mid-price trades ABOVE 382.8 to improve ……..

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LSE:DGE Diageo Close Mid-Price: 3789.5 Percentage Change: -0.41% Day High: 3825.5 Day Low: 3772

In the event Diageo experiences weakness below 3772 it calculates with a ……..

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LSE:ECO ECO (Atlantic) O & G. Close Mid-Price: 27 Percentage Change: + 12.50% Day High: 27.5 Day Low: 24.75

Continued trades against ECO with a mid-price ABOVE 27.5 should improve t ……..

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LSE:GKP Gulf Keystone. Close Mid-Price: 212 Percentage Change: + 1.44% Day High: 219 Day Low: 203.5

Target met. In the event of Gulf Keystone enjoying further trades beyond ……..

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LSE:GLEN Glencore Xstra. Close Mid-Price: 401.25 Percentage Change: + 3.47% Day High: 401.9 Day Low: 391

All Glencore Xstra needs are mid-price trades ABOVE 401.9 to improve acce ……..

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LSE:HSBA HSBC. Close Mid-Price: 501.2 Percentage Change: + 1.25% Day High: 500.7 Day Low: 495.95

In the event of HSBC enjoying further trades beyond 500.7, the share shou ……..

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LSE:OCDO Ocado Plc Close Mid-Price: 1527 Percentage Change: -2.86% Day High: 1590.5 Day Low: 1519.5

Continued weakness against OCDO taking the price below 1519.5 calculates ……..

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View Previous Ocado Plc & Big Picture ***

LSE:ODX Omega Diags Close Mid-Price: 17.75 Percentage Change: -4.05% Day High: 18.75 Day Low: 17.25

In the event Omega Diags experiences weakness below 17.25 it calculates w ……..

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LSE:POG Petrop etc Close Mid-Price: 18 Percentage Change: -0.66% Day High: 18.65 Day Low: 16.01

Target met. If Petrop etc experiences continued weakness below 16.01, it ……..

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LSE:STAN Standard Chartered. Close Mid-Price: 500.6 Percentage Change: + 1.58% Day High: 500 Day Low: 489.5

Continued trades against STAN with a mid-price ABOVE 500 should improve t ……..

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View Previous Standard Chartered & Big Picture ***

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

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