#Brent #WallSt BP share price appears to have discovered an invisible pause button, matching the share price highs prior to the 2020 Pandemic reversals. This sort of thing is proving distressingly common, the stock market tending regard these historic levels with a queer degree of reverence. Even the FTSE itself, trapped in the pre-pandemic grip for a few years, is only now starting to signal hope for the longer term.
In the case of BP, our inclination is to take closure above 580p as a pretty solid indicator happy times are ahead. Oddly, there seems to be an assumption heightened tensions in the Middle East should cause runaway acceleration of BP’s share price but in reality, when is there not a war somewhere in the world? Oil prices certainly seemed incline to follow Middle East hysteria and while elevated prices for crude oil usually are reflected in the price of energy shares, there is something truly odd with crude prices. While they remain high, the type of movement is more reminiscent of something being artificially influenced rather reflecting actual market forces. This year, it feels like market forces are conspiring to keep Brent (for instance) in a holding pattern roughly between $80 and $90, no matter what our calculations say. Conventional logic would have Brent crude reversing quite sharply at present, the “the market” simply doesn’t want it to.
Circled on the chart is a fairly rare chart pattern, named from an old comedy show called “Allo Allo”. The “Allo Allo Pattern” is so named, due to a storyline from the comedy relating to a painting called “The Fallen Madonna” (With The Big Boobies”). It’s a chart pattern share prices tend experiencing difficulty escaping from, perhaps a reference to the comedy show lasting longer than the 2nd World War in which it was based or perhaps a reminder of a joke being only funny for so long… Okay, we’re kidding about this but it would have made a great analysis for the start of this month!
Currently, BP share price needs exceed 541 to give slight early hope, calculating with the potential of 555p and a very possible donk against the Blue downtrend which amazingly dates back to 2006. Closure above 555p will become crucial for the longer term, introducing a strong possibilty of future movement to 658p and a brave new world for the oil giants share value.
The converse scenario, examining the risks if everything goes wrong, proposes below 504p risks triggering reversals to an initial 471p with our secondary, if broken, a less likely 442p. We think this secondary is less likely, due to the presence of the Red uptrend and the care now being taken not to allow BP’s share price to drip below.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 11:06:54PM | BRENT | 8706.3 | 8518 | 8344 | 8068 | 8672 | 8778 | 8827 | 8929 | 8686 | |
| 11:09:18PM | GOLD | 2317.32 | |||||||||
| 11:11:34PM | FTSE | 8010 | ‘cess | ||||||||
| 11:18:58PM | STOX50 | 4966.5 | ‘cess | ||||||||
| 11:21:56PM | GERMANY | 18004.9 | ‘cess | ||||||||
| 11:24:59PM | US500 | 5039.6 | |||||||||
| 11:27:52PM | DOW | 38400 | 38304 | 38225 | 38106 | 38456 | 38584 | 38863 | 39404 | 38469 | |
| 11:33:08PM | NASDAQ | 17343 | ‘cess | ||||||||
| 11:37:17PM | JAPAN | 37496 |
24/04/2024 FTSE Closed at 8040 points. Change of -0.05%. Total value traded through LSE was: £ 8,038,861,258 a change of 24.9%
23/04/2024 FTSE Closed at 8044 points. Change of 0.26%. Total value traded through LSE was: £ 6,436,213,150 a change of 18.32%
22/04/2024 FTSE Closed at 8023 points. Change of 1.62%. Total value traded through LSE was: £ 5,439,622,583 a change of -22.9%
19/04/2024 FTSE Closed at 7895 points. Change of 0.23%. Total value traded through LSE was: £ 7,055,208,688 a change of 7.7%
18/04/2024 FTSE Closed at 7877 points. Change of 0.38%. Total value traded through LSE was: £ 6,551,072,926 a change of 27.48%
17/04/2024 FTSE Closed at 7847 points. Change of 0.35%. Total value traded through LSE was: £ 5,138,744,008 a change of -8.61%
16/04/2024 FTSE Closed at 7820 points. Change of -1.82%. Total value traded through LSE was: £ 5,622,635,189 a change of 16.7% 
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:AZN Astrazeneca** **LSE:BLOE Block Energy PLC** **LSE:DARK Darktrace Plc** **LSE:ECO ECO (Atlantic) O & G** **LSE:NWG Natwest** **
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Updated charts published on : Astrazeneca, Block Energy PLC, Darktrace Plc, ECO (Atlantic) O & G, Natwest,
LSE:AZN Astrazeneca. Close Mid-Price: 11352 Percentage Change: + 0.75% Day High: 11412 Day Low: 11288
All Astrazeneca needs are mid-price trades ABOVE 11412 to improve acceler ……..
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View Previous Astrazeneca & Big Picture ***
LSE:BLOE Block Energy PLC. Close Mid-Price: 1.77 Percentage Change: + 5.97% Day High: 1.98 Day Low: 1.68
Target met. In the event of Block Energy PLC enjoying further trades beyo ……..
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View Previous Block Energy PLC & Big Picture ***
LSE:DARK Darktrace Plc. Close Mid-Price: 518.6 Percentage Change: + 5.84% Day High: 524.6 Day Low: 494.4
Further movement against Darktrace Plc ABOVE 524.6 should improve acceler ……..
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View Previous Darktrace Plc & Big Picture ***
LSE:ECO ECO (Atlantic) O & G. Close Mid-Price: 9.4 Percentage Change: + 10.59% Day High: 9.7 Day Low: 8.5
Now above 9.75 calculates with the potential of a lift to 10.1 with second ……..
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View Previous ECO (Atlantic) O & G & Big Picture ***
LSE:NWG Natwest. Close Mid-Price: 285.9 Percentage Change: + 0.03% Day High: 287.4 Day Low: 282
In the event of Natwest enjoying further trades beyond 287.4, the share s ……..
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View Previous Natwest & Big Picture ***