#FTSE #Stoxx50 Sometimes, when a share price crashes, it can present an opportunity. But only so long as it bounces sometime in the future! Glencore has proven frustrating this year, their share price oscillating up and down in a window between 4 and 5 quid. Obviously, a very profitable trap in which to find itself but one which worries us as the price had been supposed to be heading in the direction of a future 690p eventually. Instead, it’s showing similar indecisiveness as my wife reading the dessert menu in a restaurant.
Our constant fear with shares is the often truism, “if it ain’t goin’ up, it’s goin’ down!” and as 2023 draws to a conclusion, we’re indeed starting to harbour such a suspicion. The immediate problem faced by Glencore is the pretty Red uptrend since 2020, one which the share price has been respecting but it’s now the case the price need only drop below 420p to give the first signal for imminent trauma.
Below 420 calculates with the potential of a reversal to an initial 369p, probably followed by a short term rebound but our secondary, if 369p breaks, works out at 309p. Achieving 309p should, visually, promote a proper bounce, given the presence of the Blue downtrend which dates back 12 years. For this reason alone, if a calamity strikes and Glencore share price blots its copybook, a bunch of folk with their own Blue crayon are certain to decide such a target level is imbued with surprise trampoline tendencies. While there is no immediate suggestion Glencore faces calamity, it’s doubtless worthwhile to take note of such a potential bottom as who knows when a corporate shall embrace the opportunity to disgrace itself.
Our other worry is a little more sophisticated as we entered 2023 with economists assuring the world to anticipate recession behaviour across North American and European markets, something we found irritating as it was completely at odds with how the markets were behaving. Now, perhaps due to the immediate threat of having to do Xmas shopping, some nerves are intruding and basically, whether it’s the price of Crude Oil, Gold, Copper or whatever, only a little nudge is required to knock things off kilter.
For Glencore, the share price doesn’t need hard work to redeem itself as now above 478p calculates with the potential of a lift to 499p. In the event such a level is exceeded, our secondary works out at 535p and will represent a solid breakout from the boring tradition of 2023, giving serious hope for the longer term.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:26:15PM | BRENT | 8940.4 | |||||||||
| 9:28:20PM | GOLD | 1922 | ‘cess | ||||||||
| 9:31:12PM | FTSE | 7672.3 | 7618 | 7580 | 7539 | 7654 | 7689 | 7706 | 7724 | 7640 | ‘cess |
| 9:34:31PM | STOX50 | 4150.6 | 4110 | 4089 | 4062 | 4140 | 4169 | 4186 | 4211 | 4143 | Shambles |
| 9:40:12PM | GERMANY | 15248.2 | |||||||||
| 9:46:19PM | US500 | 4371.9 | |||||||||
| 9:48:39PM | DOW | 33985 | ‘cess | ||||||||
| 9:50:46PM | NASDAQ | 15123.8 | |||||||||
| 9:53:06PM | JAPAN | 32122 | ‘cess |
17/10/2023 FTSE Closed at 7675 points. Change of 0.59%. Total value traded through LSE was: £ 5,567,251,444 a change of 41.75%
16/10/2023 FTSE Closed at 7630 points. Change of 0.41%. Total value traded through LSE was: £ 3,927,547,887 a change of -11.37%
13/10/2023 FTSE Closed at 7599 points. Change of -0.59%. Total value traded through LSE was: £ 4,431,270,860 a change of -9.59%
12/10/2023 FTSE Closed at 7644 points. Change of 0.31%. Total value traded through LSE was: £ 4,901,572,931 a change of 12.56%
11/10/2023 FTSE Closed at 7620 points. Change of -0.1%. Total value traded through LSE was: £ 4,354,502,993 a change of -19.19%
10/10/2023 FTSE Closed at 7628 points. Change of 1.82%. Total value traded through LSE was: £ 5,388,462,932 a change of 18%
9/10/2023 FTSE Closed at 7492 points. Change of -0.03%. Total value traded through LSE was: £ 4,566,678,677 a change of -5.8%
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:BDEV Barrett Devs** **LSE:BP. BP PLC** **LSE:ECO ECO (Atlantic) O & G** **LSE:OCDO Ocado Plc** **LSE:SPX Spirax** **
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Updated charts published on : Barrett Devs, BP PLC, ECO (Atlantic) O & G, Ocado Plc, Spirax,
LSE:BDEV Barrett Devs. Close Mid-Price: 423.9 Percentage Change: + 2.12% Day High: 424.6 Day Low: 408.6
This looks doomed to experience some reversals as below 408 indicates the ……..
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LSE:BP. BP PLC. Close Mid-Price: 555 Percentage Change: + 1.09% Day High: 558.2 Day Low: 548.6
All BP PLC needs are mid-price trades ABOVE 558.2 to improve acceleration ……..
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LSE:ECO ECO (Atlantic) O & G Close Mid-Price: 9.6 Percentage Change: -6.34% Day High: 10.25 Day Low: 9.75
Continued weakness against ECO taking the price below 9.75 calculates as ……..
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LSE:OCDO Ocado Plc. Close Mid-Price: 505.8 Percentage Change: + 1.16% Day High: 514.8 Day Low: 491.7
In the event Ocado Plc experiences weakness below 491.7 it calculates wit ……..
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LSE:SPX Spirax Close Mid-Price: 8398 Percentage Change: -0.83% Day High: 8498 Day Low: 8280
In the event Spirax experiences weakness below 8280 it calculates with a ……..
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