#Brent #Stoxx50 Barclays look like they have developed a dandruff problem, along with an unfortunate liking for Lady GaGa. Or in plain English, movements over the last month are providing an excuse to take the reader “Back to School”, due to a plethora of what are supposed to be glaringly obvious chart signals which provide ‘safe’ short selling opportunities!
The “GaGa” thing is a confection of our own invention, one which seems almost unique to the UK markets. When a share suffers a Gap Up, followed by a Gap Down, a fairly reliable signal is being given which normally makes a reversal inevitable. We’ve circled a couple of movements on the chart below, along with a Red closing price trend line mapping the most recent uptrend. As shown, August commenced with Barclays share price being gapped below this closing price trend, thus creating a situation where share price reversal would normally be seen as inevitable. The two previous gaps (highlighted with little red triangles) during July have already inflicting their damage to the share price.
Next, there’s the Dandruff element. The share price produced what’s conventionally known as a “Head & Shoulders”, delineated on the chart below, complete with a pair of cartoon eyes to show the area designated as the head… Head & Shoulders formations, similar to the shampoo, work out some of the time.
When we combine a Trend Break, a GaGa, and a Head & Shoulders, the penny eventually drops this abundance of signals is perhaps suggesting the market REALLY wants Barclays share price to reverse. Historically, we deplore being spoon fed the obvious as sometimes it can feel like the market is playing an elaborate practical joke.
In the case of Barclays, if chasing a Short position, we can calculate the tightest “sane” stop loss level is at 154p for the following scenario. Weakness now below 143p risks triggering sharp reversal to an initial 127p with secondary, if broken, at 123p and hopefully a proper bounce.
Our alternate scenario, due to our dislike of the traffic jam of negative signals, suggests movement next above just 149p should propel the share up to an initial 157p with secondary, if bettered, at a game changing 166p, taking the price into a region where strong future price recovery can be expected. Conventionally we’d be happy studying just one of the warning signals given above but in this instance, it starts to feel like a politician piling up its excuses, prior to being found out. Time will tell.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop |
| 1:09:41AM | BRENT | 86.59 | 86.2 | 85.66 | 85.1 | 86.75 | 87.34 | 88.8 | 94.49 | 86.54 |
| 1:11:47AM | GOLD | 1913.24 | 1915 | |||||||
| 10:46:47PM | FTSE | 7532 | 7540 | |||||||
| 10:48:26PM | STOX50 | 4326 | 4308 | 4275 | 4203 | 4355 | 4366 | 4396 | 4442 | 4307 |
| 10:50:14PM | GERMANY | 15849 | 15888 | |||||||
| 10:52:45PM | US500 | 4466.8 | 4463 | |||||||
| 10:54:47PM | DOW | 35297 | 35234 | |||||||
| 10:57:30PM | NASDAQ | 15035.9 | 15104 | |||||||
| 10:59:32PM | JAPAN | 32473 | 32470 |
11/08/2023 FTSE Closed at 7524 points. Change of -1.23%. Total value traded through LSE was: £ 6,124,601,431 a change of 49.97%
10/08/2023 FTSE Closed at 7618 points. Change of 0.41%. Total value traded through LSE was: £ 4,083,887,572 a change of -13.93%
9/08/2023 FTSE Closed at 7587 points. Change of 0.8%. Total value traded through LSE was: £ 4,744,774,883 a change of 3.35%
8/08/2023 FTSE Closed at 7527 points. Change of -0.36%. Total value traded through LSE was: £ 4,591,181,240 a change of 31.12%
7/08/2023 FTSE Closed at 7554 points. Change of -0.13%. Total value traded through LSE was: £ 3,501,608,401 a change of -4.09%
4/08/2023 FTSE Closed at 7564 points. Change of 0.46%. Total value traded through LSE was: £ 3,650,960,164 a change of -42.72%
3/08/2023 FTSE Closed at 7529 points. Change of -0.42%. Total value traded through LSE was: £ 6,373,701,191 a change of 36.1%
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:BLOE Block Energy PLC** **LSE:CNA Centrica** **LSE:EZJ EasyJet** **LSE:FGP Firstgroup** **LSE:GLEN Glencore Xstra** **LSE:OXIG Oxford Instruments** **LSE:STAN Standard Chartered** **
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Updated charts published on : Block Energy PLC, Centrica, EasyJet, Firstgroup, Glencore Xstra, Oxford Instruments, Standard Chartered,
LSE:BLOE Block Energy PLC Close Mid-Price: 1.07 Percentage Change: -4.44% Day High: 1.12 Day Low: 1.05
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LSE:CNA Centrica Close Mid-Price: 141.35 Percentage Change: -0.04% Day High: 141.7 Day Low: 139.8
All Centrica needs are mid-price trades ABOVE 141.7 to improve accelerati ……..
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LSE:EZJ EasyJet Close Mid-Price: 447.8 Percentage Change: -0.49% Day High: 451.2 Day Low: 445.3
This has spent the year parked but now, looks capable of providing some ac ……..
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LSE:FGP Firstgroup Close Mid-Price: 153.9 Percentage Change: -0.77% Day High: 155.6 Day Low: 148
In the event of Firstgroup enjoying further trades beyond 155.6, the shar ……..
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LSE:GLEN Glencore Xstra Close Mid-Price: 444.7 Percentage Change: -2.23% Day High: 450.55 Day Low: 442.45
Glencore are not enjoying a great year, their share price being pretty ran ……..
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LSE:OXIG Oxford Instruments Close Mid-Price: 2345 Percentage Change: -0.64% Day High: 2365 Day Low: 2335
Below 2270 now looks troubling, probably capable of pushing the price down ……..
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LSE:STAN Standard Chartered Close Mid-Price: 755 Percentage Change: -0.34% Day High: 760.8 Day Low: 750.6
This is crazy, the price steadily gaining since March but at a very slow r ……..
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View Previous Standard Chartered & Big Picture ***