#WallSt #Brent
When taking the temperature, it can be a useful idea to use a thermometer! When it comes to the mood of the marketplace, Legal & General are one of our “thermometer” shares, essentially a subject which is pretty boring but usually plays by the rules. But… not always.
When we reviewed LGEN last November, we’d a couple of criteria for long term good behaviour, one of which – our ambition of 318p – failed to be achieved with the resultant suspicion of some price weakness being present. In January this year, despite the share price surging upward, the rise arrested at 310p and the story since has been one of failure. The most recent 7 sessions exhibited some traumatic falls, topped off with a few quite strong looking days of recovery, perhaps designed to indicate the price has “bottomed”.
We’re not entirely confident, thanks to something we find terribly important.
From our perspective, the share requires to close a session above roughly 263.565p, this being the level at which the share price broke the uptrend since pandemic day back in March 2020. The price has come close but, in common with very many other shares on Wednesday March 9th 2022, despite a day which felt strong, the lack of share prices closing the session in safe territory was worth commenting on. It certainly provokes a worry, whether we “only” saw the inevitable bounce which will often follow a strong fall, such as experienced last week.
Should this be the case, Legal & General are now at risk where below 242p could easily trigger a reversal cycle to an initial 220p and a possible short term bounce. If broken, our longer term secondary target calculates down at a hopeful 190p. At present, we’ve little choice but to watch for 171p making an appearance as overall, this currently looks like providing a “bottom”.
Thankfully the share doesn’t need work terribly hard to explore our alternate scenario. Closure above just 264p should allegedly trigger some recovery to an initial 294p. If bettered, our secondary works out at 313p, a number with some reasonable implications for the longer term.
Finally, we’ve always a degree of fondness for Legal & General thanks to a chums mistake 13 years ago. Thirteen years ago on March 9th, 2009 (The day the market bottomed), she spent the princely sum of £80 on LGEN shares. She had intended buy £800 worth but made a classic fat finger investment. I think she paid 26p per share and still has them. I know with some certainty she has not bought any shares recently
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:36:00PM | BRENT | 111.41 | 104.8 | 98.13 | 88.11 | 115 | 121 | 125 | 132 | 108 | Success |
| 9:38:40PM | GOLD | 1991.67 | ‘cess | ||||||||
| 9:41:55PM | FTSE | 7187.41 | Success | ||||||||
| 10:08:49PM | FRANCE | 6385 | Success | ||||||||
| 10:10:43PM | GERMANY | 13847 | |||||||||
| 10:19:44PM | US500 | 4281 | ‘cess | ||||||||
| 10:21:30PM | DOW | 32557.4 | 32542 | 32230 | 31818 | 32842 | 33466 | 33490 | 33814 | 33241 | |
| 10:25:44PM | NASDAQ | 13778 | Success | ||||||||
| 10:29:32PM | JAPAN | 25397 | ‘cess |
9/03/2022 FTSE Closed at 7190 points. Change of 3.25%. Total value traded through LSE was: £ 8,087,014,052 a change of -12.41%
8/03/2022 FTSE Closed at 6964 points. Change of 0.07%. Total value traded through LSE was: £ 9,232,494,481 a change of -9.7%
7/03/2022 FTSE Closed at 6959 points. Change of -0.4%. Total value traded through LSE was: £ 10,224,193,154 a change of 15.38%
4/03/2022 FTSE Closed at 6987 points. Change of -3.47%. Total value traded through LSE was: £ 8,861,498,669 a change of 14.29%
3/03/2022 FTSE Closed at 7238 points. Change of -2.57%. Total value traded through LSE was: £ 7,753,530,217 a change of -3.98%
2/03/2022 FTSE Closed at 7429 points. Change of 1.35%. Total value traded through LSE was: £ 8,074,541,610 a change of -5.31%
1/03/2022 FTSE Closed at 7330 points. Change of -1.72%. Total value traded through LSE was: £ 8,527,347,509 a change of -15.97%
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:AZN Astrazeneca** **LSE:FRES Fresnillo** **LSE:HUR Hurrican Energy** **LSE:IGAS Igas Energy** **LSE:ITM ITM Power** **LSE:ODX Omega Diags** **LSE:RBD Reabold Resources PLC** **
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Updated charts published on : Astrazeneca, Fresnillo, Hurrican Energy, Igas Energy, ITM Power, Omega Diags, Reabold Resources PLC,
LSE:AZN Astrazeneca. Close Mid-Price: 9121 Percentage Change: + 4.28% Day High: 9099 Day Low: 8810
Further movement against Astrazeneca ABOVE 9099 should improve accelerati ……..
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LSE:FRES Fresnillo Close Mid-Price: 749.6 Percentage Change: -7.27% Day High: 820 Day Low: 748
All Fresnillo needs are mid-price trades ABOVE 820 to improve acceleratio ……..
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View Previous Fresnillo & Big Picture ***
LSE:HUR Hurrican Energy Close Mid-Price: 9.44 Percentage Change: -14.23% Day High: 12.34 Day Low: 9.31
Target met. Continued trades against HUR with a mid-price ABOVE 12.34 sho ……..
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View Previous Hurrican Energy & Big Picture ***
LSE:IGAS Igas Energy Close Mid-Price: 23.6 Percentage Change: -12.10% Day High: 33.7 Day Low: 22.6
Target met. Further movement against Igas Energy ABOVE 33.7 should improv ……..
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View Previous Igas Energy & Big Picture ***
LSE:ITM ITM Power Close Mid-Price: 397 Percentage Change: -2.26% Day High: 441 Day Low: 365.2
All ITM Power needs are mid-price trades ABOVE 441 to improve acceleratio ……..
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View Previous ITM Power & Big Picture ***
LSE:ODX Omega Diags Close Mid-Price: 3.85 Percentage Change: -10.47% Day High: 4.35 Day Low: 3.8
Weakness on Omega Diags below 3.8 will invariably lead to 3.73 with secon ……..
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View Previous Omega Diags & Big Picture ***
LSE:RBD Reabold Resources PLC. Close Mid-Price: 0.38 Percentage Change: + 1.35% Day High: 0.42 Day Low: 0.36
Target met. All Reabold Resources PLC needs are mid-price trades ABOVE 0. ……..
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View Previous Reabold Resources PLC & Big Picture ***