#Gold #WallSt There’s a familiar pattern going on with the price of crude oil. Saudi Arabia once again attempted control over the market price of crude by cutting production and hiking their prices upward. Broadly speaking, it appears Brent Crude falling below $72 proves sufficient to cause a panic with Saudi as they obviously don’t approve of oil prices falling. The funny thing; generally within a few days, another country will mention they’ve increased production, along with a willingness to undercut Saudi Arabia and once again, prices climb on the roller coaster.
i3 Energy Plc are a little unusual, their share price tending to move in sympathy with the price of crude. Obviously, this is due to the large number of producing wells from the company, causing less reliance on rumour and hype to drive share price movements.
One this is certainly interesting from our perspective. The recent drop to 11.88p represented a logical bottom, a share price level from which we’d ordinarily anticipate a rebound. Currently trading around 12.5p, the share price need only exceed 13.25p to hopefully trigger price recovery to an initial 15p with our secondary, if exceeded, calculating at a longer term 17p. This should ideally all enact, during the usual false dawn of a Saudi Arabian crude oil price panic. To give a comfortable suggestion for “proper” price recovery, the share price needs to close above 18p to give early indications of the game changing for the long term as a cycle to 29p becomes very possible.
As always, our alternate scenario has a problem and we’ve circled it on the chart. Whatever justified the break below the Red uptrend in March of this year could perhaps be a warning signal for looming trouble. Thankfully the price didn’t close below Red, the market opting to pay considerable respect to the trend by ensuring the share closed the session hard against the trend, so perhaps it was just a little ‘oops’ on the day.
Unfortunately, it created a situation where weakness now below 11.88p risks entering an extremely painful reversal cycle, one in which we can calculate an eventual bottom at 4.75p.
Thanks to Saudi actions, we suspect this shall prove unlikely as some price gains are expected, at least in the immediate future.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:15:06PM | BRENT | 8010.7 | Success | ||||||||
| 10:16:49PM | GOLD | 1956.76 | 1924 | 1912 | 1896 | 1941 | 1960 | 1971 | 1982 | 1950 | Success |
| 10:18:58PM | FTSE | 7406.2 | Success | ||||||||
| 10:21:32PM | STOX50 | 4357.2 | ‘cess | ||||||||
| 10:25:39PM | GERMANY | 16009.8 | ‘cess | ||||||||
| 10:28:06PM | US500 | 4474.4 | Success | ||||||||
| 10:30:54PM | DOW | 34356 | 34216 | 34111 | 33952 | 34346 | 34588 | 34638 | 34786 | 34409 | Success |
| 10:32:43PM | NASDAQ | 15316.6 | Success | ||||||||
| 10:37:34PM | JAPAN | 32036 |
12/07/2023 FTSE Closed at 7416 points. Change of 1.84%. Total value traded through LSE was: £ 7,179,397,183 a change of 76.59%
11/07/2023 FTSE Closed at 7282 points. Change of 0.12%. Total value traded through LSE was: £ 4,065,629,486 a change of 3.17%
10/07/2023 FTSE Closed at 7273 points. Change of 0.23%. Total value traded through LSE was: £ 3,940,608,069 a change of 3.75%
7/07/2023 FTSE Closed at 7256 points. Change of -0.33%. Total value traded through LSE was: £ 3,798,027,374 a change of -31.82%
6/07/2023 FTSE Closed at 7280 points. Change of -2.18%. Total value traded through LSE was: £ 5,570,653,867 a change of 7.74%
5/07/2023 FTSE Closed at 7442 points. Change of -1.02%. Total value traded through LSE was: £ 5,170,439,166 a change of 50.69%
4/07/2023 FTSE Closed at 7519 points. Change of -0.11%. Total value traded through LSE was: £ 3,431,263,448 a change of -36.49% 
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:ASC Asos** **LSE:CBX Cellular Goods** **LSE:MKS Marks and Spencer** **LSE:SCLP Scancell** **LSE:TERN Tern Plc** **
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Updated charts published on : AFC Energy, Asos, Cellular Goods, Marks and Spencer, Scancell, Tern Plc,
LSE:AFC AFC Energy Close Mid-Price: 11.32 Percentage Change: -3.41% Day High: 11.86 Day Low: 11.36
Weakness on AFC Energy below 11.36 will invariably lead to 11.1 with seco ……..
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View Previous AFC Energy & Big Picture ***
LSE:ASC Asos. Close Mid-Price: 366.7 Percentage Change: + 7.66% Day High: 376 Day Low: 336.4
Movement next bettering 376 has the potential of a visit to an initial 405 ……..
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View Previous Asos & Big Picture ***
LSE:CBX Cellular Goods Close Mid-Price: 0.7 Percentage Change: -3.45% Day High: 0.72 Day Low: 0.7
Weakness on Cellular Goods below 0.7 will invariably lead to 0.58 and hop ……..
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View Previous Cellular Goods & Big Picture ***
LSE:MKS Marks and Spencer. Close Mid-Price: 198.15 Percentage Change: + 2.32% Day High: 199.3 Day Low: 191.9
Target met. Further movement against Marks and Spencer ABOVE 199.3 should ……..
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View Previous Marks and Spencer & Big Picture ***
LSE:SCLP Scancell Close Mid-Price: 10.38 Percentage Change: -19.42% Day High: 12.88 Day Low: 10.12
Target met. In the event Scancell experiences weakness below 10.12 it cal ……..
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View Previous Scancell & Big Picture ***
LSE:TERN Tern Plc. Close Mid-Price: 4.38 Percentage Change: + 9.38% Day High: 4.38 Day Low: 3.88
Near term, above 4.38 suggests the potential of a visit to 4.75 next with ……..
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View Previous Tern Plc & Big Picture ***