GBP vs USD & Brent Crude (FX:GBPUSD & CCOM:OILBRENT) When we previously reviewed the Pound / US Dollar relationship in September, we warned of the importance of a drop target at 1.2081. The chart inset below shows this was achieved on October 3rd, the pairing closing the session at 1.2076, a treacherous 5/10,000’s below our target and thus, one we’re inclined to ignore. Obviously, we can be accused of being a little hypocritical, choosing to ignore one of our targets being broken and we’d agree, especially as the bounce hasn’t yet confirmed “bottom” is in.
For “bottom” to be confirmed, the price needs exceed 1.2375 as this should provoke recovery to an initial 1.2575. Should such a level be beaten, our secondary calculation works out at 1.2905 and closure above such a point will suggest some strong recovery during the next year.
If things intend go wrong for the pairing, below 1.2123 risks triggering reversal down to an initial 1.1937 with our secondary, if broken, calculating down at 1.1501
Brent Crude The current reversal cycle on the price of Crude is really making us wait for the next contrived excuse to keep prices high. Will it be a Saudi refinery failing, Russia threatening some sort of embargo, or the US declaring reserves are dangerously low? We’re cynical but historically, there has been a certain link between falling prices and manufactured headlines, attempting to keep crude oil high. It appears the market has ideas of its own though, recent reversals placing the price of Brent in a place where there’s a strong visual argument implying more trouble.
Below just 79.18 should now trigger reversals to an initial 77.81 with secondary, if broken, at 72.36 and perhaps a bounce. However, we do need point out such a reversal cycle places the price of Brent in a zone, where a constant reversal cycle down to an eventual 57 dollars makes a lot of sense.
It will certainly be interesting, how long this weakness takes to translate into sane fuel prices?
Any serious attempt to escape the current reversal cycle needs the price of Brent to exceed 84.5 dollars to convince us. This risks triggering gains to an initial 88 with our secondary, if exceeded, an eventual 95 and some hesitation, due to the historical presence of prior highs.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:17:55PM | BRENT | 7940 | |||||||||
| 10:20:44PM | GOLD | 1949.83 | 1947 | 1934 | 1909 | 1958 | 1958 | 1960 | 1964 | 1952 | ‘cess |
| 10:29:52PM | FTSE | 7381.2 | |||||||||
| 10:43:48PM | STOX50 | 4174.3 | Success | ||||||||
| 10:46:27PM | GERMANY | 15203.8 | Success | ||||||||
| 10:50:08PM | US500 | 4376.4 | |||||||||
| 10:53:31PM | DOW | 34102 | 33981 | 33882 | 33757 | 34105 | 34170 | 34201 | 34270 | 34088 | |
| 10:59:35PM | NASDAQ | 15285 | |||||||||
| 11:02:31PM | JAPAN | 32306 | ‘cess |
8/11/2023 FTSE Closed at 7401 points. Change of -0.12%. Total value traded through LSE was: £ 7,039,129,505 a change of 60.87%
7/11/2023 FTSE Closed at 7410 points. Change of -0.09%. Total value traded through LSE was: £ 4,375,663,657 a change of 7.72%
6/11/2023 FTSE Closed at 7417 points. Change of 0%. Total value traded through LSE was: £ 4,062,204,136 a change of -15.12%
3/11/2023 FTSE Closed at 7417 points. Change of -0.39%. Total value traded through LSE was: £ 4,785,653,725 a change of -23.42%
2/11/2023 FTSE Closed at 7446 points. Change of 1.42%. Total value traded through LSE was: £ 6,249,429,649 a change of 34.92%
1/11/2023 FTSE Closed at 7342 points. Change of 0.29%. Total value traded through LSE was: £ 4,632,018,053 a change of -20.08%
31/10/2023 FTSE Closed at 7321 points. Change of -0.08%. Total value traded through LSE was: £ 5,795,517,732 a change of 15.68%
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:ASC Asos** **LSE:GENL Genel** **LSE:GRG Greggs** **LSE:ITM ITM Power** **LSE:ITV ITV** **LSE:MKS Marks and Spencer** **LSE:RR. Rolls Royce** **LSE:SCLP Scancell** **LSE:TERN Tern Plc** **LSE:TRN The Trainline** **
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Updated charts published on : Asos, Genel, Greggs, ITM Power, ITV, Marks and Spencer, Rolls Royce, Scancell, Tern Plc, The Trainline,
LSE:ASC Asos Close Mid-Price: 391.8 Percentage Change: -1.53% Day High: 404.9 Day Low: 389.2
All Asos needs are mid-price trades ABOVE 404.9 to improve acceleration t ……..
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View Previous Asos & Big Picture ***
LSE:GENL Genel Close Mid-Price: 75.1 Percentage Change: -2.09% Day High: 77.3 Day Low: 74.4
In the event Genel experiences weakness below 74.4 it calculates with a d ……..
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View Previous Genel & Big Picture ***
LSE:GRG Greggs. Close Mid-Price: 2534 Percentage Change: + 0.64% Day High: 2564 Day Low: 2484
In the event of Greggs enjoying further trades beyond 2564, the share sho ……..
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View Previous Greggs & Big Picture ***
LSE:ITM ITM Power Close Mid-Price: 61.98 Percentage Change: -3.00% Day High: 64.74 Day Low: 62.02
In the event ITM Power experiences weakness below 62.02 it calculates wit ……..
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View Previous ITM Power & Big Picture ***
LSE:ITV ITV Close Mid-Price: 61.68 Percentage Change: -5.98% Day High: 62.46 Day Low: 60.9
Target met. Continued weakness against ITV taking the price below 60.9 ca ……..
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View Previous ITV & Big Picture ***
LSE:MKS Marks and Spencer. Close Mid-Price: 244.1 Percentage Change: + 8.39% Day High: 250.8 Day Low: 238.2
Continued trades against MKS with a mid-price ABOVE 250.8 should improve ……..
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View Previous Marks and Spencer & Big Picture ***
LSE:RR. Rolls Royce. Close Mid-Price: 232.4 Percentage Change: + 2.83% Day High: 236.7 Day Low: 227.7
Target met. Continued trades against RR. with a mid-price ABOVE 236.7 sho ……..
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View Previous Rolls Royce & Big Picture ***
LSE:SCLP Scancell Close Mid-Price: 12 Percentage Change: -2.04% Day High: 12.25 Day Low: 11.75
In the event Scancell experiences weakness below 11.75 it calculates with ……..
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View Previous Scancell & Big Picture ***
LSE:TERN Tern Plc Close Mid-Price: 4.25 Percentage Change: -10.53% Day High: 4.5 Day Low: 3.75
Target met. If Tern Plc experiences continued weakness below 3.75, it wil ……..
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View Previous Tern Plc & Big Picture ***
LSE:TRN The Trainline. Close Mid-Price: 291.2 Percentage Change: + 2.39% Day High: 299.8 Day Low: 278.4
All The Trainline needs are mid-price trades ABOVE 299.8 to improve accel ……..
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View Previous The Trainline & Big Picture ***