Kingfisher and our FTSE for Friday too

#FTSE #KGF.L

Inspiration to review Kingfisher wasn’t hard to come by, due to a disastrous DIY event. It appears, for whatever reason, Kingfisher (owners of B&Q and ScrewFix in the UK) are enjoying their own share price meltdown, something of a surprise given the return to what passes for normality in the UK. It used to be the case, until the internet took over, you could judge someone by their catalogue. Were they a “ScrewFix” person or a “Maplin Electronics” person? Both fabulous books contained the seeds for dream projects for the future. Alas, catalogues appear to have gone the way of “Good Old Yellow Pages”, the internet failing to provide the tactile experience of sitting down with a coffee, turning catalogue pages and discovering inspiration. Plus there was the added advantage; no-one thumbing through a catalogue would be accused of being lazy. Despite the fact ‘research’ was usually being enacted on the most ridiculous of subjects…

For Kingfisher, perhaps it’s the outlandish level of price rises being enacted in their B&Q stores, staff members tending to take on an “Arthur Dailly” aspect when queried about the price of anything wood related. Apparently prices for ‘raw’ timber can now change daily, creating a difficult situation for a corporate dealing in bulk sales. Then again, perhaps the company exposure to their successful outlets throughout Europe is creating an issue, especially with their brand in Poland being geared to handle proper DIY jobs, rather than the wimpish level of projects B&Q clients try in the UK!

 

Regardless, the share price has been falling and things are not looking great.

The Blue line on the chart, the share price downtrend, dates back to 2014 but importantly, it can also be extended far back in time to 1999. Thus, Kingfisher has seen their price retreat below a downtrend which is 23 years old. Surely this is pretty significant.

Weakness now below just 246p threatens reversal to an initial 193p with our longer term secondary, if broken, calculating at 127p and a challenge against the Covid-19 low of 2020. The only certainty of an escape from trouble will come with any miracle gain above Blue, currently 307p.

FTSE for Friday The UK market performed pretty much as expected on Thursday and looks capable of maintaining its recovery. Obviously, a carelessly misplaced bomb or, in the UK, a carelessly misplaced party invitation risks derailing things but otherwise, above 7520 points for the FTSE should prove capable of triggering a nod in the direction of 7578 points next. If exceeded, our secondary calculates at a longer term 7644 points. The market needs below 7470 to tarnish our optimism.

 

This provides a suitable trigger level, if attempts are being made to spoil the holiday weekend. Below 7470 risks reversal to an initial 7435 with secondary, if broken, at 7389 points and hopefully a bounce.

Have a good weekend. Hopefully the holiday Monday is dry!

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:53:05PM BRENT 107.11 102.78 101.91 104.7 107.7 109.07 105.5 ‘cess
10:55:41PM GOLD 1894.86 1879 1873 1887 1897 1902 1888
10:57:23PM FTSE 7539 7450 7411 7515 7585 7629 7507 ‘cess
11:00:57PM FRANCE 6558 6431 6412 6477 6575 6621 6524
11:03:11PM GERMANY 14011 13758 13676 13940 14123 14182 13994 ‘cess
11:04:55PM US500 4251.62 4184 4156.5 4223 4308 4319 4242 Success
11:07:41PM DOW 33856 33240 33038 33500 34064 34195 33837 Success
11:09:50PM NASDAQ 13238 13032 12914 13232 13544 13608 13340 Success
11:17:50PM JAPAN 27150 26890 26728 27078 27248 27333 27140
28/04/2022 FTSE Closed at 7509 points. Change of 1.13%. Total value traded through LSE was: £ 5,887,371,702 a change of -15.1%
27/04/2022 FTSE Closed at 7425 points. Change of 0.53%. Total value traded through LSE was: £ 6,934,236,931 a change of -7.56%
26/04/2022 FTSE Closed at 7386 points. Change of 0.08%. Total value traded through LSE was: £ 7,501,270,625 a change of 7.74%
25/04/2022 FTSE Closed at 7380 points. Change of -1.87%. Total value traded through LSE was: £ 6,962,693,363 a change of 2.9%
22/04/2022 FTSE Closed at 7521 points. Change of -1.39%. Total value traded through LSE was: £ 6,766,539,663 a change of -21.54%
21/04/2022 FTSE Closed at 7627 points. Change of -0.03%. Total value traded through LSE was: £ 8,624,086,669 a change of 11.51%
20/04/2022 FTSE Closed at 7629 points. Change of -100%. Total value traded through LSE was: £ 7,734,053,627 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:AFC AFC Energy** **LSE:BBY BALFOUR BEATTY** **LSE:CASP Caspian** **LSE:IQE IQE** **LSE:OCDO Ocado Plc** **LSE:SBRY Sainsbury** **LSE:STAN Standard Chartered** **

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Updated charts published on : AFC Energy, BALFOUR BEATTY, Caspian, IQE, Ocado Plc, Sainsbury, Standard Chartered,

LSE:AFC AFC Energy Close Mid-Price: 31.8 Percentage Change: -3.40% Day High: 34 Day Low: 31.2

Weakness on AFC Energy below 31.2 will invariably lead to 25 with seconda ……..

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LSE:BBY BALFOUR BEATTY. Close Mid-Price: 246.2 Percentage Change: + 0.49% Day High: 248 Day Low: 239

Target Met. Continued weakness against BBY taking the price below 239 cal ……..

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LSE:CASP Caspian Close Mid-Price: 2.7 Percentage Change: -6.90% Day High: 2.9 Day Low: 2.7

In the event Caspian experiences weakness below 2.7 it calculates with a ……..

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LSE:IQE IQE. Close Mid-Price: 30.25 Percentage Change: + 0.83% Day High: 30.8 Day Low: 29

Continued weakness against IQE taking the price below 29 calculates as le ……..

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LSE:OCDO Ocado Plc Close Mid-Price: 911 Percentage Change: -1.98% Day High: 957.4 Day Low: 898.8

Target met. In the event Ocado Plc experiences weakness below 898.8 it ca ……..

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LSE:SBRY Sainsbury Close Mid-Price: 228.7 Percentage Change: -4.31% Day High: 235.5 Day Low: 222.6

Continued weakness against SBRY taking the price below 222.6 calculates a ……..

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LSE:STAN Standard Chartered. Close Mid-Price: 547.6 Percentage Change: + 14.15% Day High: 561.6 Day Low: 523.6

Target met. Further movement against Standard Chartered ABOVE 561.6 shoul ……..

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

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