#Brent #SP500 The ‘Curse Of Oak Island’, a TV program, proves reminiscent of banking shares. The treasure hunt, now in its 8th year, has become a notorious drinking game with “points” when the narrator says “Could it be?”, “Knights Templar Treasure”, or the bonus “Ark of the Covenant”. The documentary focusses on an island off the coast of Nova Scotia, Canada and two brothers attempting to empty their bank accounts as they excavate for buried treasure. Surprisingly innovative holes in the ground tend to multiply, only exceeded by the number of theories as to why they cannot find anything.
The current “theory” is brilliant, suggesting the treasure vault must be a buried concrete room, one they dislodged and moved by hitting it with a big drill bit at some point. Their answer, “drill more holes!” and let off explosives to build a seismic map of the terrain.
Treasure hunting exploits on Oak Island are nothing new, even including an earlier US President as one of the searchers. Somehow or other, everyone ignores an inconvenient detail. Back in the 18th Century, a black man became one of the wealthiest men in Canada for reasons no-one knows. However, he did own a strip of land on Oak Island…
The UK’s retail banks feel like this TV program, always promising “something” but rarely delivering anything of value.
Natwest provides a perfect example. Currently, the share price needs exceed 236p, just to hint it’s showing some genuine recovery. Unfortunately, at present the best on offer is the possibility of movement next above 158p bringing slight recovery to an initial 165p. “Could it be”, if 165p is exceeded, there may be treasure hiding at 190p in the future?
Visually, the answer is “Yes” but such an ambition fails to ring any celebratory bells, coming nowhere close to the level at which real hope can be offered to long suffering investors in the retail bank which was once RBS.
Despite a share price of 155p currently, thanks to the 10:1 consolidation, this actually is 15.5p in old money. Despite the current potential of 190p on the immediate cycle, only with closure above Blue on the chart will we be provoked to mention of 365p as a valid (and distant) hope.
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