Trends and Targets's blog

MORRISONS PLC (LSE:MRW) Chart price manipulation gaps used to be a touchstone for many traders, all representing a level a price shall return - eventually. The exemption caveat was always "the Game Changer" gap, one where something major provoked a share price revaluation. However, over the last few years we've become increasingly less comfortable with "Gap" theory and feel the UK market now mimics US & Japan with a "it happened, get over it" attitude.

FTSE this week (FTSE:UKX) This FTSE situation remains of below 7300 providing concerns, along with a slip down toward 7159 points where some sort of bounce is expected. Perhaps any drop will arrest at 7269 points but we're not intending hold our breath. Our problem comes with repeated "dares" against the uptrend for 2017 showing how fragile this uptrend risks being. Hopefully the UK PM keeps quiet for a while. Or longer.

FTSE FOR FRIDAY (FTSE:UKX)  Thursday proved rather indecisive on the FTSE. At lunchtime, we issued a report which laid out criteria for a drop on the market but some sort of sixth sense kicked in at the last moment. A shorthand note to clients warned should the FTSE better 7331 points, it felt like movement toward 7353 was pre-ordained. To our surprise, the index tripped the scenario and surged to 7354 points.

SPORTS DIRECT (LSE:SPD) Mr Ashley appears anointed with similar levels of adulation the media reserve for Mr Trump, Mr Corbyn, Brexit voters, or the Scottish Govt. It creates a situation where we tend filter out "white noise" styles of opinion masquerading as reporting. His appearance in the news this week demanded a further look at the company share price potentials tho' as there's always a risk the people crying wolf will finally be right about something.

WORLDPAY (LSE:WPG) Fairly understandably - given their 27% day, we were pelted with emails asking how far up the food chain Worldpay could be expected to clamber. The answer was more uncomfortable than we'd prefer as, try as we might, our software refused to give a sane answer!

SAGA (LSE:SAGA) It's funny how customs differ. In England, better 100 years and you get a note from Her Majesty. In Scotland, better 50 years and (as Mrs T&T discovered last week) you immediately get a note from the Scottish Govt asking you to pooh on it. Additionally, folk like Saga start to bombard you with "offers".

FTSE FOR THE WEEK (FTSE:UKX) Usually the markets give us a bit of a gut feeling for what's coming but... for the coming week we're relatively clueless! Maybe it's the US Independence Day thing (or Brexit Mk1 as social media call it), maybe it's 'cos we're in a new month? Even shares are odd with the retail banks still hinting at underlying upward force. But Brent is finally showing some signs of heating up - hopefully once July 4th is forgotten we again will get a feel for things.

FTSE for FRIDAY & SKY too (FTSE:UKX & LSE:SKY) Rather than a line in the sand, the chart below has a line in the SKY. Whatever games being played with SKY share price look quite amazing and there can be little doubt anything above BLUE - currently 1000p - should bring good times. However...

Royal Bank of Scotland (LSE:RBS)  Quite a lot of stuff is on the brink of doing stuff. RBS managed close the 28th May hinting at a coming rise, GOLD need only better 1259 to suggest some near term action, and BRENT above 48 will tend make short positions dodgy. Of the three, it's almost absurd with RBS showing as attractive - remember, it's a UK Retail Bank and always poised to let people down.

LLOYDS BANKS (LSE:LLOY) We're starting to suspect the only lasting legacy from the (current) UK Prime Minister will prove to be groupings of red circles on charts! A variety of shares had exuberantly broken their near term downtrends, finally heading upwards. We've circled Lloyds positive movement. Now, it's not heading up and the market seems a bit cheesed off.