#FTSE #GOLD Styling themselves as 175 years old, Inchcape were actually formed by a local lad from here in Argyll, his company exploits being worth – at very least – a visit to Wikipedia. We’d no idea how seriously large Inchcape are, active multinationally and regarded as the worlds leading automotive distributor. Needless to say, their original name was MacKinnon Mackenzie Ltd, giving away their Scottish roots despite now being based in India, thousands of miles away from Scotlands ‘wonderful’ climate.
The company are currently considering selling their UK car retail unit and this is perhaps why it appears to be punted as a “Strong Buy” by some analysts. Given such a sale looks like being a drop in the ocean with Inchcape’s overall wealth, the jury remains out on such a sentiment but the share price doesn’t need a huge charge to hopefully trigger some upward travel. Just to spice things up and cause confusion, we’ve circled something strange which happened last July. The market decided it was someone’s birthday with the share price running free until the big hammer came out, knocking it back into place. Perhaps the implication behind this set of circumstances is an expectation Inchcape share price shall do jolly well in the future, if they’d only off-load their UK retail division which is being smothered under a legislation happy government. For instance, it’s rarely mentioned the UK needs to replace more corroded brake pipes on vehicles than the rest of Europe clubbed together. The reason is simple, MoT testers used to scrape a brake pipe to see if shiny metal was present. Unfortunately, similar to poking a chassis with a screwdriver, this sort of thing is no longer allowed as it could “damage” the vehicle, thus creating a situation where MoT testers routinely fail vehicles for corrosion, due to their inability to actually see corrosion as they’re not allowed to poke or prod.
Then again, maybe Inchcape just was to escape the messy world of car retail, never the worst cunning plan!
We’re not entirely confident about the “Strong Buy” status being allocated to the company, due to the chart visuals suggesting the converse presently, even despite the circled upward break last year. Currently trading around 664p, the share price needs below 643p to trigger a dashboard warning light, suggesting imminent reversal to 592p and a possible bounce. Should 592p break, we suspect any rebound shall prove short lived as our secondary at a hopeful bottom of 537p calculates as possible. Extreme danger awaits with closure below 537 as this shall suggest the long term uptrend has failed, allowing reversal to an ultimate bottom of 404p.
Of course, perhaps we’re just being a little hysterical due to a historical dislike of the motor trade. Currently, Inchcape only need exceed 700p to better Blue, ideally triggering recovery to an initial 744p with secondary, if beaten, up at a more useful longer term 813p. For various reasons, we suspect some hesitation at such a level, if only due to all the folk who were suckered in last July by the momentary share price spike opting to engage their brains and sell.
Who knows, perhaps we’re reading the tea leaves incorrectly and the pundits know something we don’t…
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:17:05PM | BRENT | 8242.7 | |||||||||
| 10:21:21PM | GOLD | 2025.72 | 2020 | 2018 | 2016 | 2027 | 2027 | 2029 | 2032 | 2024 | |
| 10:24:31PM | FTSE | 7664.5 | 7637 | 7600 | 7550 | 7670 | 7676 | 7699 | 7708 | 7652 | Success |
| 10:27:55PM | STOX50 | 4795 | Success | ||||||||
| 10:40:56PM | GERMANY | 17182 | Success | ||||||||
| 10:44:01PM | US500 | 5004.5 | Shambles | ||||||||
| 10:47:10PM | DOW | 38563 | |||||||||
| 10:50:22PM | NASDAQ | 17649 | ‘cess | ||||||||
| 10:55:09PM | JAPAN | 38773 | Shambles |
21/02/2024 FTSE Closed at 7662 points. Change of -0.74%. Total value traded through LSE was: £ 5,760,836,180 a change of 16.25%
20/02/2024 FTSE Closed at 7719 points. Change of -0.12%. Total value traded through LSE was: £ 4,955,387,121 a change of 38.92%
19/02/2024 FTSE Closed at 7728 points. Change of 0.22%. Total value traded through LSE was: £ 3,567,027,566 a change of -46.92%
16/02/2024 FTSE Closed at 7711 points. Change of 1.5%. Total value traded through LSE was: £ 6,719,822,861 a change of 59.53%
15/02/2024 FTSE Closed at 7597 points. Change of 0.38%. Total value traded through LSE was: £ 4,212,176,049 a change of -10.97%
14/02/2024 FTSE Closed at 7568 points. Change of 0.75%. Total value traded through LSE was: £ 4,731,346,457 a change of -6.79%
13/02/2024 FTSE Closed at 7512 points. Change of -0.81%. Total value traded through LSE was: £ 5,075,825,719 a change of 6.46% 
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:AV. Aviva** **LSE:AVCT Avacta** **LSE:CLAI Cellular Goods** **LSE:EMG MAN** **LSE:GKP Gulf Keystone** **LSE:GLEN Glencore Xstra** **LSE:GRG Greggs** **LSE:IHG Intercontinental Hotels Group** **LSE:ZOO Zoo Digital** **
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Updated charts published on : Aviva, Cellular Goods, MAN, Gulf Keystone, Glencore Xstra, Greggs, Intercontinental Hotels Group, Zoo Digital,
LSE:AV. Aviva. Close Mid-Price: 445.6 Percentage Change: + 0.41% Day High: 447.1 Day Low: 441.6
Further movement against Aviva ABOVE 447.1 should improve acceleration to ……..
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LSE:AVCT Avacta Close Mid-Price: 87.5 Percentage Change: -4.37% Day High: 91.5 Day Low: 87
Continued weakness against AVCT taking the price below 87 calculates as l ……..
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View Previous Avacta & Big Picture ***
LSE:CLAI Cellular Goods. Close Mid-Price: 0.41 Percentage Change: + 8.80% Day High: 0.4 Day Low: 0.38
Unless this makes it above 0.48p, it is not going to be worth reviewing. ……..
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View Previous Cellular Goods & Big Picture ***
LSE:EMG MAN. Close Mid-Price: 237.9 Percentage Change: + 0.76% Day High: 238.8 Day Low: 236.2
Getting a little interesting, movement next above 244 should make an attem ……..
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View Previous MAN & Big Picture ***
LSE:GKP Gulf Keystone Close Mid-Price: 94.8 Percentage Change: -0.89% Day High: 98 Day Low: 93.4
In the event Gulf Keystone experiences weakness below 93.4 it calculates ……..
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View Previous Gulf Keystone & Big Picture ***
LSE:GLEN Glencore Xstra Close Mid-Price: 386.05 Percentage Change: -1.11% Day High: 390.95 Day Low: 365.45
Target met. In the event Glencore Xstra experiences weakness below 365.45 ……..
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View Previous Glencore Xstra & Big Picture ***
LSE:GRG Greggs Close Mid-Price: 2780 Percentage Change: -1.07% Day High: 2818 Day Low: 2774
Continued trades against GRG with a mid-price ABOVE 2818 should improve t ……..
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View Previous Greggs & Big Picture ***
LSE:IHG Intercontinental Hotels Group. Close Mid-Price: 8530 Percentage Change: + 2.35% Day High: 8520 Day Low: 8284
Further movement against Intercontinental Hotels Group ABOVE 8520 should ……..
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View Previous Intercontinental Hotels Group & Big Picture ***
LSE:ZOO Zoo Digital Close Mid-Price: 27.25 Percentage Change: -1.80% Day High: 27.75 Day Low: 27.25
In the event Zoo Digital experiences weakness below 27.25 it calculates w ……..
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View Previous Zoo Digital & Big Picture ***