#Gold #Nasdaq
Our weekly trawl of Europe turned up Ceconomy, describing themselves as “We are more than a retail company – we are the European leader for concepts and brands in the field of consumer electronics. With our products, brands and solutions, we simplify life in the digital world.” Alas, their share price movements currently say something rather less optimistic and with their Q2 results due on 13th May, it’s easy to imagine some negative action.
Of course, there’s a caveat and it’s all to do with my dentist. Thanks to some really restrictive practices during the Covid-19 period, a visit to the dentist revealed 4 teeth required extraction, the four front ones. The operation took place today and proved to be the most unpleasant and painful experience ever had in a dental surgery. There was blood, there was sweat (the dentist) and there were uncontrollable tears as the guilty gum abscess did its best to ensure anaesthesia didn’t work well. Long story short, it’s unlikely the writer is in the best frame of mind to look favourably on a share price!
With Ceconomy looking like it intends wither on the vine, the share probably is volunteering itself as the ideal target for a bout of misery.
There’s been something quite peculiar going on as share price movements this year are proving quite unreliable. The price has been carefully walked down what should be the historical downtrend since 2018. As the chart inset highlights, it’s hard to escape the impression this slow visual murder is anything but deliberately engineered as we wonder if the dramatics intend conclude with a nasty stab downward to a bottom, hopefully a level capable of provoking a rebound?
This being the case, weakness now below 3€ looks very capable of driving reversal to an initial 2.5€. If broken, our ‘longer term’ secondary target works out at 1.5€ and hopefully an ultimate bottom for the share. For everything to suddenly come up roses, the share price needs exceed 3.8€ to enter a region where a recovery cycle toward an initial 4.5 makes some sense. If exceeded, our secondary calculates at a visually sane 5.8.
Importantly, closure above 4.5€ is liable to prove game changing for the long term, making an attempt at 5.8€ very probable but realistically, we’d need admit a long term target of 7.2€ has become possible. Perhaps it’s the pain of dentistry talking but I suspect this intends head to 1.5 and a hopeful bottom. Perhaps worth watching.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:16:00PM | BRENT | 106.73 | |||||||||
| 10:17:23PM | GOLD | 1958.07 | 1943 | 1938 | 1931 | 1951 | 1959 | 1962 | 1970 | 1950 | |
| 10:19:30PM | FTSE | 7631.01 | |||||||||
| 10:24:05PM | FRANCE | 6612 | Success | ||||||||
| 10:25:31PM | GERMANY | 14374 | Success | ||||||||
| 10:27:21PM | US500 | 4474.67 | ‘cess | ||||||||
| 10:29:50PM | DOW | 35232 | ‘cess | ||||||||
| 10:54:42PM | NASDAQ | 14081.6 | 13954 | 13916.5 | 13791 | 14058 | 14146 | 14233 | 14306 | 14038 | Shambles |
| 10:56:36PM | JAPAN | 27219 | ‘cess |