#FTSE #Stoxx50 Loyalty is a funny old thing. There’s a writer, Jules Verne, who knocked together ‘20,000 Leagues Under the Sea’ in 1870, a truly enjoyable read along with some quite clever political commentary of the age. His equally famous ‘Journey to the Centre of the Earth’, produced in 1864 wasn’t in the same class but still a fun read. Somehow, his ‘From the Earth to the Moon’ had been missed, the title never appealing but coming across the original translation in a tabletop sale in our village hall made it an opportunity too good to miss.
Somehow, it quickly rose to equal the status of a Woody Allen film, my eyeballs begging for the chore to hurry up and end, as it felt clear the translator was paid by the word. Additionally, Verne was doubtless embracing the concept of pumping something out to keep money flowing in. Parts of the book were fun, especially the “regard” with which the author holds England as he rarely missed an opportunity to exhibit contempt for Westminster, but when the reader just wants a book to end, it’s clear something has gone wrong.
The important thing about the book was the opportunity to finish it, while attending a garden party on Tuesday afternoon. My wife’s company somehow felt inspired to hold a surprise “do”, taking advantage of the unusual Scottish weather (hot and not raining) and conceding no-one really wanted to do any work anyway. They decided on a Caribbean theme, opting to really spice things up with a classical recital by a group of stringed instrument players. Thankfully, I’d spotted the impending audio hell and retrieved my book from the car, making myself quietly comfortable at the back of the marquee, safe in the knowledge it’d be assumed I was working on something important as everyone knows that’s all market nerds do!
With amazing synergy, the classical noise ended moments after I closed the book, and it was time for food.
Life has really returned to normal, or what passes for normal here in Argyll. Perhaps similar is occurring with the price of Crude oil.
When we reviewed Brent back in March, we’d proposed a scenario which allowed for reversal to the 70 dollar level. Before the month was complete, the price indeed his 70 dollars and bounced half heartedly. The market decided the bounce wasn’t sufficient, opting to gap (manipulate – circled) the price of crude oil above the immediate Red uptrend, returning to a zone where once again corporate and government avarice can take over as there would be the potential of a return above $100.
The attempt at forcing the price heavenward failed, Brent once again dropping below the immediate uptrend and hitting the 70 dollar level repeatedly. We are not convinced the $70 glass floor shall last as there are continued arguments anticipating shuffles down to the upper 50 dollar level, a price range which felt almost “natural” in the period from late 2015 onwards, the fake rise erroneously blamed on Russia & Ukraine starting to feel like an aberration.
Now below 70 dollars should trigger reversal to an initial $60 with secondary, if broken, down at $56 and a probable rebound. We can introduce a third level ambition down at the $42 level, such an argument only supported by quite weak logic.
If Brent intends any serious upward price travel, our inclination is to view the Glass Ceiling at $88 as a trigger level, one which if exceeded allows for sharp price movement to the $102 level.
For now, we expect oil to eventually settle toward $56, doubtless causing a panic over inflation rates and inflated interest rates.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 11:36:38PM | BRENT | 76.11 | ‘cess | ||||||||
| 11:39:04PM | GOLD | 1963.82 | |||||||||
| 11:41:15PM | FTSE | 7646.34 | 7554 | 7532 | 7494 | 7595 | 7648 | 7652 | 7666 | 7625 | ‘cess |
| 11:54:24PM | STOX50 | 4308.7 | 4274 | 4261 | 4245 | 4296 | 4309 | 4314 | 4328 | 4289 | |
| 11:56:23PM | GERMANY | 16031.5 | |||||||||
| 11:58:10PM | US500 | 4287.47 | |||||||||
| 12:00:20AM | DOW | 33573 | ‘cess | ||||||||
| 12:02:22AM | NASDAQ | 14562.4 | |||||||||
| 12:05:34AM | JAPAN | 32562 | ‘cess |
6/06/2023 FTSE Closed at 7628 points. Change of 0.38%. Total value traded through LSE was: £ 4,909,723,355 a change of 21.93%
5/06/2023 FTSE Closed at 7599 points. Change of -0.11%. Total value traded through LSE was: £ 4,026,661,677 a change of -31.04%
2/06/2023 FTSE Closed at 7607 points. Change of 1.56%. Total value traded through LSE was: £ 5,839,256,981 a change of 14.36%
1/06/2023 FTSE Closed at 7490 points. Change of 0.59%. Total value traded through LSE was: £ 5,105,968,663 a change of -64.14%
31/05/2023 FTSE Closed at 7446 points. Change of -1.01%. Total value traded through LSE was: £ 14,237,190,282 a change of 154.29%
30/05/2023 FTSE Closed at 7522 points. Change of -1.38%. Total value traded through LSE was: £ 5,598,786,913 a change of 22.18%
26/05/2023 FTSE Closed at 7627 points. Change of -100%. Total value traded through LSE was: £ 4,582,588,809 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:CCL Carnival** **LSE:DGE Diageo** **LSE:ECO ECO (Atlantic) O & G** **LSE:JET Just Eat** **LSE:MMAG Music Magpie** **LSE:NWG Natwest** **LSE:PMG Parkmead** **
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Updated charts published on : AFC Energy, Carnival, Diageo, ECO (Atlantic) O & G, Just Eat, Music Magpie, Natwest, Parkmead,
LSE:AFC AFC Energy Close Mid-Price: 14.66 Percentage Change: -4.31% Day High: 15.54 Day Low: 14.5
This is not good as below 14.5 still looks like a visit to 14p next (or ju ……..
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View Previous AFC Energy & Big Picture ***
LSE:CCL Carnival. Close Mid-Price: 890.8 Percentage Change: + 2.18% Day High: 895.6 Day Low: 854.6
Target Met. Now above 896 should make an attempt at 961 next with secondar ……..
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View Previous Carnival & Big Picture ***
LSE:DGE Diageo. Close Mid-Price: 3351 Percentage Change: + 0.57% Day High: 3361 Day Low: 3306.5
Weakness on Diageo below 3306 will invariably lead to 3288 with secondary ……..
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View Previous Diageo & Big Picture ***
LSE:ECO ECO (Atlantic) O & G. Close Mid-Price: 17.75 Percentage Change: + 1.43% Day High: 17.75 Day Low: 17.75
Now needing above 20p to give hope, ideally triggering recovery to an init ……..
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View Previous ECO (Atlantic) O & G & Big Picture ***
LSE:JET Just Eat Close Mid-Price: 1168 Percentage Change: -4.03% Day High: 1194 Day Low: 1150
In the event Just Eat experiences weakness below 1150 it calculates with a ……..
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View Previous Just Eat & Big Picture ***
LSE:MMAG Music Magpie Close Mid-Price: 15.25 Percentage Change: -3.17% Day High: 15.75 Day Low: 14.5
Target Met. Now below 14.5 calculates with a reversal potential to 10.2p, ……..
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View Previous Music Magpie & Big Picture ***
LSE:NWG Natwest. Close Mid-Price: 260.7 Percentage Change: + 0.85% Day High: 260.6 Day Low: 255.9
If Natwest experiences continued weakness below 255, it will invariably le ……..
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View Previous Natwest & Big Picture ***
LSE:PMG Parkmead Close Mid-Price: 19.6 Percentage Change: -7.76% Day High: 21.25 Day Low: 19.5
Now below 19.5p suggests the potential of reversal next to 18.1 with secon ……..
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View Previous Parkmead & Big Picture ***