However there has been no real "follow through" in terms of volumes traded in stocks with all the good news this morning.<
However there has been no real "follow through" in terms of volumes traded in stocks with all the good news this morning.
For us to completely believe in this rally we would like to see rises that have conviction, this is best demonstrated by decent volumes .
That said we are cleanly above the 5900 level and have filled the gap in the chart that was left when the market sold off in May .
We believe that the support on the FTSE is the 50% fib retarcement level of the May – June decline at 5846, that was also the low of yesterday. Yesterdays intraday high of 5878.7 is 1st support, whilst above that level we believe that the potential upside is 5957 the June resistance line projection.
Main features this morning have been Rolls Royce who reported excellent numbers this morning and whose servicing division is going great guns they are up nearly 25p as we type.
On the flip side music group EMI have been marked sharply lower on news that it is not going to proceed with a bid for Warner Music Group ,although to us, this mark down smacks of " shutting the stable door after the horse has bolted" given the EU ruling on the merger rivals Sony & Bertelsman.
Looking at yeserdays signals DSGI have stayed above resistance at 195.75p closing at 196p last night and this morning trading up to 198p albeit on modest volume.
In todays signals Standard Chartered catches our eye the area around 1360p has been resistance of late & just above we find the downtrend line from the end of March 06- There is not much above here until 1400p beyond this 1480p looms large. we have seen reasonable volume here in last few days and would look for a close above 1360 on good volume befpore taking the plunge.
As we write it seems our "peak key day reversal" signal has worked well today in Glaxo with the stock currently trading down 17.5p after trading as high as 1515p,potential downside target would be around the 1450p level.
Our High conviction buy in Reuters had gone to plan and whilst our target was 410p is does not hurt to take some profits around the 395p to 400p levels and instigate a trailing stop philosophy.
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Code | Name | Signal | Signal Price |
Price Objective |
Stoploss | Latest Close |
888 | 888 Holdings PLC | Bull | 162.00 | 200.00 | 140.00 | 161.00 |
AVZ | Amvescap PLC | Bull | 495.00 | 560.00 | 455.00 | 501.75 |
AU/ | Autonomy Corp PLC | Bull | 425.00 | 480.00 | 390.00 | 415.00 |
BFD | Benfield Group Ltd | Bull | 365.00 | 400.00 | 340.00 | 360.00 |
MRW | Morrison (WM) Supermarkets | Bull | 205.00 | 215.00 | 192.00 | 204.00 |
RTR | Reuters Group PLC | Bull | 390.00 | 485.00 | 345.00 | 396.75 |
SDY | Speedy Hire PLC | Bull | 910.00 | 1040.00 | 830.00 | 908.00 |
STAN | Standard Chartered PLC | Bull | 1360.00 | 1620.00 | 1200.00 | 1355.00 |
We scan a "universe" of the FTSE 350 on a daily basis to identify these formations.
Code | Name | Signal | Latest Close |
Close % Change | Volume |
BKG | Berkeley Group PLC | Peak | 1223.00 | -38.00 | +293,725 |
GSK | GlaxoSmithKline PLC | Peak | 1507.00 | -23.00 | +39.8m |
PAY | Paypoint | Bounce | 583.50 | +10.50 | +218,070 |
Code | Name | Signal | Latest Close |
Close % Change | Volume |
BBY | Balfour Beatty PLC | Golden | 354.50 | +1.75 | +1.6m |
CNA | Centrica PLC | Golden | 292.50 | +6.50 | +33.1m |
NRK | Northern Rock PLC | Golden | 1128.00 | +81.50 | +14.7m |
PLI | Perpetual Income & Growth Investment Trust | Golden | 230.50 | +1.75 | +74,721 |
RSA | Royal & Sun Alliance Insurance Group | Golden | 134.25 | +1.00 | +13.0m |
SRP | Serco Group PLC | Golden | 321.50 | -4.25 | +1.2m |
HTG | Hunting Plc | Dead | 372.00 | +3.50 | +486,688 |
Code | Name | Price | % Change | Volume | Vol/Vol MA |
ABG | Abbot Group PLC | 271 | +1.2% | 12.3m | 6.7x |
CCC | Computacenter PLC | 230 | -7.5% | 2.4m | 5.9x |
CAL | Capital & Regional PLC | 1038 | -0.9% | 1.2m | 5.1x |
LNGO | Laing (John) PLC | 286.25 | +1.7% | 4.2m | 5.0x |
BI/ | Brambles Industries PLC | 434 | +0.1% | 24.0m | 4.4x |
Index | Close | Volume | 1 day Change | P&F Trend | Stop | ||
FTSE 100 | 5877.1 | 1,720.2m | +25.90 | +0.4% | Bull | 30 Jun 2006 | 5650.00 |
FTSE 250 | 9285.6 | 626.0m | +37.10 | +0.4% | Bear | 18 Jul 2006 | 9550.00 |
Closing prices through Wed Jul 26, 2006 |
Index | % Bulls | % 30wk | ||||||
FTSE 100 | 64.71% | +3.93 | Bull Confirmed | 26-Jul-06 | 71.57% | +2.94 | Bull Confirmed | 19-Jul-06 |
FTSE 250 | 58.80% | +1.60 | Bull Confirmed | 26-Jul-06 | 51.20% | +3.60 | Bull Confirmed | 24-Jul-06 |
Industry | % Bulls | Change | Status | Sig. date |
Energy | 54.17% | n/c | Bull Confirmed | 3-Jul-06 |
Basic Materials | 42.50% | +7.50 | Bear Correction | 26-Jul-06 |
Industrials | 55.91% | +1.58 | Bull Correction | 17-Jul-06 |
Consumer Cyclical | 50.00% | +2.56 | Bull Confirmed | 26-Jul-06 |
Services | 57.94% | +0.80 | Bull Confirmed | 26-Jun-06 |
Staples | 59.18% | +2.04 | Bull Confirmed | 5-Jul-06 |
Health | 42.55% | n/c | Bull Confirmed | 5-Jul-06 |
Technology | 35.37% | +1.22 | Bull Correction | 14-Jul-06 |
Telecom | 41.18% | n/c | Bull Correction | 7-Jul-06 |
Financials | 60.39% | +1.95 | Bull Correction | 13-Jul-06 |
Utilities | 93.75% | n/c | Bull Confirmed | 7-Jul-06 |
Code | Name | Price | % Change | Volume |
888 | 888 Holdings PLC | 161 | +8.4% | 1.5m |
NRK | Northern Rock PLC | 1128 | +7.8% | 14.7m |
SSL | SSL International PLC | 294.25 | +5.8% | 1.3m |
WLW | Woolworths Group PLC | 32.5 | +5.7% | 15.4m |
COLT | Colt Telecom Group SA | 127.75 | +5.6% | 1.5m |
Code | Name | Price | % Change | Volume |
CCC | Computacenter PLC | 230 | -7.5% | 2.4m |
IAP | ICAP PLC | 465.25 | -3.4% | 2.8m |
BKG | Berkeley Group PLC | 1223 | -3.0% | 293,725 |
SEG | SCi Entertainment Group | 422 | -2.8% | 647,795 |
HLMA | Halma PLC | 189.5 | -2.6% | 5.2m |