Prudential Plc & the US Index’ too

#Gold #SP500

Prudential provided a bit of a shock, when a client asked us to review the share. We try and loop through most of the FTSE 100 but somehow, last reviewed Prudential back in November 2014! At the time, the price was around 1300p and we gave a target level around an eventual 2000p. It took years, reached target, and has been floundering a bit uncertainly since.

Circled on the chart is something peculiar which occurred last year, the share price quite deliberately gapped below the uptrend since 2020. This sort of thing tends broadcast all the wrong signals (unless, of course, by some miracle the market opts to gap a price back above the trend. In which case, take a Long position and wait!). The provider of life and health insurance, focussed on Africa and Asia, look set for continued share price tumbles currently.

Below 882p projects the potential of reversal to an initial 833p. Should such a level break, our secondary calculation comes in at 752p. We’d normally hope for a proper rebound, should 833p make an appearance but closure below such a level makes our secondary almost essential to provide an excuse for a bounce. The problem comes, if the price closes below our 752p secondary target as an ultimate bottom of 397p becomes dangerously viable.

Currently the share price needs exceed 1085 just to suggest the immediate rate of descent has eased, entering a zone where a path to 1377 works out as possible. For now, it doesn’t look like ‘Dear Prudence’ wants to come out to play.

The US markets (DOW, S&P500, Nasdaq) The league table of disaster on Monday was led by the Nasdaq, boasting a daily reversal at -4%. The S&P came second, down -3.2% and the Dow proved fairly half hearted, only dropping by -2%. As the Nasdaq has taken the lead in this calamity, we’re extremely interested if 12,130 points breaks anytime soon. Such a mess would remove logic which asked for a bounce, instead risking triggering ongoing reversals to an initial 10,946 with secondary, if broken, at 9243 points. This level of trouble looks almost ridiculous, negating growth over the last year and visually dumping the index back to the level it enjoyed, prior to the pandemic. The index requires exceed 13,500 to cancel the logic pointing to this drop scenario.

The S&P500 looks pretty painful, perhaps approaching a level where some sort of rebound can be hoped. Currently, below 3975 threatens ongoing reversal to 3909 points with secondary, if broken, at 3768 points. The market requires exceed 4270 just to get out of trouble and in this instance, we can calculate a 3rd level target at 3,525. This is just above the pre-pandemic high, creating a visually pleasing level hopefully capable of generating a trampoline moment.

The DOW JONES is a bit of a puzzle. For some time we’ve been expecting the 31,000 level to make a guest appearance and now, despite the rest of the market being on fire, the index resisted the temptation. Of course, with Earnings Season in full swing in the USA, there are liable to be plenty of mitigating circumstances avoiding an immediate rout. Glancing through headlines, the falls are being blamed on interest rate rise concerns, worries about market growth, Russia, oil prices, and whether the US Miami Grand Prix justified $13,000 ticket prices for the VIP area, where lack of a grandstand made watching the race extremely difficult and lack of booze deliveries made forgetting the event even harder. Reports suggest there were catering issues…

Now below 32,100 points for Wall St calculates with a hopeful bottom potential at 31,100 points. If broken, our secondary calculates down at an incredible 28,050 points but in this instance, we’re inclined to regard below 30,800 at a final trigger level down to the 28,000 level. This numbers have been muddied, thanks to the index being gapped down several times at the open of trade in recent days.

To start digging its way out of trouble, Wall St needs miracle recovery above 33,700 to negate the reversal potentials.

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:18:59PM BRENT 104.51 Success
10:21:30PM GOLD 1854.24 1852 1846 1838 1860 1871 1875 1883 1861 ‘cess
10:29:46PM FTSE 7211 Success
10:32:21PM FRANCE 6081 Success
10:48:15PM GERMANY 13397 Success
10:50:23PM US500 3994 3974 3964 3900 4008 4075 4089 4127 4033 Success
10:54:11PM DOW 32266 ‘cess
11:00:06PM NASDAQ 12199 Success
11:02:51PM JAPAN 26016 ‘cess

 

9/05/2022 FTSE Closed at 7216 points. Change of -2.31%. Total value traded through LSE was: £ 6,257,631,157 a change of -11.88%
6/05/2022 FTSE Closed at 7387 points. Change of -1.55%. Total value traded through LSE was: £ 7,100,975,536 a change of 2.72%
5/05/2022 FTSE Closed at 7503 points. Change of 0.13%. Total value traded through LSE was: £ 6,912,828,845 a change of 20.87%
4/05/2022 FTSE Closed at 7493 points. Change of -0.9%. Total value traded through LSE was: £ 5,719,365,474 a change of -24.49%
3/05/2022 FTSE Closed at 7561 points. Change of 0.23%. Total value traded through LSE was: £ 7,574,559,700 a change of 8.37%
29/04/2022 FTSE Closed at 7544 points. Change of 0.47%. Total value traded through LSE was: £ 6,989,742,428 a change of 18.72%
28/04/2022 FTSE Closed at 7509 points. Change of -100%. Total value traded through LSE was: £ 5,887,371,702 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

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Updated charts published on : AFC Energy, Applied Graphene, Aston Martin, Barrett Devs, Cellular Goods, Carnival, 4D Pharma, Experian, EasyJet, Foxtons, Hargreaves Lansdown, IG Group, IQE, ITM Power, Intertek, ITV, Just Eat, Oxford Instruments, Royal Mail, The Trainline, Taylor Wimpey,

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LSE:BDEV Barrett Devs Close Mid-Price: 459.1 Percentage Change: -2.34% Day High: 470.8 Day Low: 457.6

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LSE:ITM ITM Power Close Mid-Price: 277 Percentage Change: -8.25% Day High: 303.9 Day Low: 277.5

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LSE:ITRK Intertek Close Mid-Price: 4896 Percentage Change: -0.55% Day High: 4961 Day Low: 4835

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LSE:JET Just Eat Close Mid-Price: 1590.8 Percentage Change: -8.16% Day High: 1731.4 Day Low: 1575.6

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LSE:OXIG Oxford Instruments Close Mid-Price: 2140 Percentage Change: -4.46% Day High: 2260 Day Low: 2100

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LSE:RMG Royal Mail Close Mid-Price: 322.4 Percentage Change: -1.32% Day High: 325.2 Day Low: 316.1

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LSE:TRN The Trainline Close Mid-Price: 290.4 Percentage Change: -6.89% Day High: 324 Day Low: 289.4

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LSE:TW. Taylor Wimpey Close Mid-Price: 120.25 Percentage Change: -2.59% Day High: 123.75 Day Low: 120.2

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