#FTSE #Stoxx50
News oil isn’t actually a “fossil fuel” but instead, something which is probably renewable, came as a surprise. The whole “fossil fuel” fabrication was blamed on John D Rockefellar, head honcho of Standard Oil, and keen to pretend oil was a scarce resource which would run out eventually. While he certainly didn’t coin the term “fossil fuel”, creating an impression the 2nd most prevalent liquid on the planet after water, was going to be scarce didn’t do any harm to the fledgling oil industry at the end of the 19th century.
Of course, whether the supply of oil actually regenerates is a difficult concept, given we’re dealing with geological time, the only thing slower than getting a direct answer from a politician.
It’s almost amusing to note Reuters so called “fact check” service attempts to rubbish the Rockefeller story, despite original reports being available. Only in their last sentence do they concede Rockefeller didn’t invent the term “Fossil Fuel”, not exactly a shocking surprise.
Anyway, with another oil company (BP) announcing their highest ever profits, we thought it time to take another look at the price potentials for Crude Oil.
We’ve a slight suspicion attempts are being made to keep Brent Crude artificially high in price, despite plenty of visual suggestions it wants to reverse. At time of writing, Brent is trading around $83 and need only drip below 79 to make a visit to the $75 level very probable. Our secondary target level, if such a price breaks, works out at $65 and effectively a return to the price of Crude before the world fell apart in 2020. As the chart below highlights, it makes some visual sense.
Our converse scenario requires Brent to trade above $88, if any miracles are planned, as recovery to an initial 93 looks very probable with our secondary, if beaten, working out at 99 dollars and some probable hesitation, especially given the presence of the Blue downtrend on the chart.
For now, the visuals tend imply, quite strongly, a visit to the 65 dollar level should surprise no-one.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:55:30PM | BRENT | 83.48 | Success | ||||||||
| 9:57:26PM | GOLD | 1870.41 | |||||||||
| 10:02:23PM | FTSE | 7896.69 | 7841 | 7814 | 7782 | 7884 | 7910 | 7920 | 7937 | 7873 | Success |
| 10:05:15PM | STOX50 | 4240 | 4191 | 4169 | 4143 | 4213 | 4247 | 4258 | 4270 | 4224 | |
| 10:25:36PM | GERMANY | 15422 | |||||||||
| 10:27:32PM | US500 | 4157.32 | Success | ||||||||
| 10:30:26PM | DOW | 34118.5 | Shambles | ||||||||
| 10:32:13PM | NASDAQ | 12700 | Success | ||||||||
| 10:34:30PM | JAPAN | 27668 | Shambles |
7/02/2023 FTSE Closed at 7864 points. Change of 0.36%. Total value traded through LSE was: £ 5,876,288,872 a change of 0.42%
6/02/2023 FTSE Closed at 7836 points. Change of -0.82%. Total value traded through LSE was: £ 5,851,906,357 a change of 5.01%
3/02/2023 FTSE Closed at 7901 points. Change of 1.04%. Total value traded through LSE was: £ 5,572,467,076 a change of -26.46%
2/02/2023 FTSE Closed at 7820 points. Change of 0.76%. Total value traded through LSE was: £ 7,577,557,777 a change of 8.79%
1/02/2023 FTSE Closed at 7761 points. Change of -0.13%. Total value traded through LSE was: £ 6,964,989,564 a change of 4.57%
31/01/2023 FTSE Closed at 7771 points. Change of -0.17%. Total value traded through LSE was: £ 6,660,813,951 a change of 20.2%
30/01/2023 FTSE Closed at 7784 points. Change of 0.24%. Total value traded through LSE was: £ 5,541,404,266 a change of 12.58%
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:AVCT Avacta** **LSE:BARC Barclays** **LSE:BP. BP PLC** **LSE:CCL Carnival** **LSE:HIK Hikma** **LSE:HSBA HSBC** **
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Updated charts published on : AFC Energy, Avacta, Barclays, BP PLC, Carnival, Hikma, HSBC,
LSE:AFC AFC Energy. Close Mid-Price: 29.54 Percentage Change: + 6.26% Day High: 33.02 Day Low: 26.22
Target Met. Above 33 remains expectant of 35 next with secondary, if bette ……..
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View Previous AFC Energy & Big Picture ***
LSE:AVCT Avacta. Close Mid-Price: 183 Percentage Change: + 6.40% Day High: 185 Day Low: 171.5
Target met. In the event of Avacta enjoying further trades beyond 185, th ……..
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View Previous Avacta & Big Picture ***
LSE:BARC Barclays. Close Mid-Price: 188.84 Percentage Change: + 1.23% Day High: 190.1 Day Low: 186.58
All Barclays needs are mid-price trades ABOVE 190.1 to improve accelerati ……..
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View Previous Barclays & Big Picture ***
LSE:BP. BP PLC. Close Mid-Price: 516.4 Percentage Change: + 7.95% Day High: 515.4 Day Low: 488
Target met. Further movement against BP PLC ABOVE 515.4 should improve ac ……..
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View Previous BP PLC & Big Picture ***
LSE:CCL Carnival. Close Mid-Price: 874.2 Percentage Change: + 0.16% Day High: 928.2 Day Low: 871
All Carnival needs are mid-price trades ABOVE 928.2 to improve accelerati ……..
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View Previous Carnival & Big Picture ***
LSE:HIK Hikma. Close Mid-Price: 1730 Percentage Change: + 0.32% Day High: 1757.5 Day Low: 1716
All Hikma needs are mid-price trades ABOVE 1757.5 to improve acceleration ……..
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View Previous Hikma & Big Picture ***
LSE:HSBA HSBC. Close Mid-Price: 605 Percentage Change: + 1.51% Day High: 606.3 Day Low: 600.9
Further movement against HSBC ABOVE 606.3 should improve acceleration tow ……..
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View Previous HSBC & Big Picture ***