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<\/p>\n#FTSE #GOLD<\/b> 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.<\/p>\n
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.<\/p>\n
Then again, maybe Inchcape just was to escape the messy world of car retail, never the worst cunning plan!<\/p>\n
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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.<\/p>\n
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.<\/p>\n
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Who knows, perhaps we’re reading the tea leaves incorrectly and the pundits know something we don’t…<\/p>\n
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FUTURES<\/p>\n
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